Skip to main content

Full text of "Financial Times , 1987, UK, English"

See other formats


• : J. 




"\ 


SIMULTANEOUS 
COMPUTING 

'TEL: SWINDON 0793614110- 


FINANCIAL TIMES 


No. 30,329 


EUROPE’S BUSINESS NEWSPAPER 

Saturday September 5 / Sunday September 6 1987 


D 8523 A 


RAZE 

YOUR SITES 



CONSTRUCTION EQUIPMENT 



•m ■ r -i 

" -ICj; 

7*^5 

— £E;. 


■ -f. Kll; 

'tS2 
3J ^3 
‘f-ir-ifca 



Ef 

e| 

Ad |; 

shi t; 

ns | 

Id. s 


IV* I 

i-: 

- i* 


! 


>9 1 

i 


;** 


V9RLB HEV$ 

Spanish air 
controllers 

strike off 

Air traffic controllers at Barce- 
lona's El Prat airport called 
off a 24-hour strike scheduled 
to begin this morning. 

" The more came after Spanish 
authorities agreed to give the 
140 controllers back-par for 
special services. ’flnHriayrrtaWir B- 
may still face delays because 
Britain's air control com- 
puter engineers have started 
an overtime bah and work-to- 
rule. 

Police laandr hoot 
for IRA unit 

Pofice an Britain sire hunting 
an IRA unit and have begun 
a large security operation for 
next month’s Tory party con- 
ference, in Blackpool. 

Fears of a .terrorist attack 
have intensified since the arrest 
of three people dn connection 
wrth incidents at the Wiltshire 
home of Ulster -Secretary Tom 
King. The Home Office has 
granted a 48-hour extension in 
the detention of the three who 
must be charged or released on 
Sunday. 

Arrests in 8 Korea 

South Korean police arrested 
more than 350 workers accused 
of taking part far violent strikes 
at occupied plants at Ulsan and 
Pupyong, near Seoul. . Sage 3 

Portuguese rail collision 

Two passenger tndns crashed 
in the Algarve region of 
southern Portugal killing five 
people and injuring 29 others. 

Battles la Letanoa - 

Six people were killed and 21 
wounded in fighting between 
members of Lebanon's Syrian 
Nationalist - -Social- ~ Party, in 
battles in' villages in. north 
Lebanon 

21 die hi Im crab. 

A packed bus . plunged off a 
mountain highway, into a deep 
valley in a suburb of Taipei m 
Taiwan, HHfhg JET^peupIoand 

v. \ 

Electricians sign ileal . 

The' dectriWahtf ■ unkar has 
signed a new 8trikedree,ringle- 
. union deal in. aouth .Wales Ju* 
spite of an informal TUCTpact 
to limit such agreements. Page 

s' /'■' ; • 

SoltfendursMi: 

Four Scottish soldiers and two 
ex-soldiers have been charged 
in connection with -an alleged 
series of assaults and indecent 
committed assaults - in?' Col- 
chester in February. 


BUSINESS SBMtMSY 

Guinness 
Mahon plan 
dropped 

GUINNESS PEAT. GROUP has 
abandoned a controversial 
multi-million pound pi«n to 
buy. in a management team to 
run its merchant banking sub- 
sidiary, Guinness Mahon. 

The deal has been the subject 
of a war of words between 
GPG and Equitioorp, the New 
Zealand banking and invest- 
ment group, which launched a 
llOp-Mhare bid, valuing the 
UK company at £338 m. Back 
*a*e 

A SEBffS of worldwide take- 
over moves followed by a rise 
in the US. Federal Reserve dis- 
count rate gave UK markets 


FT Index 

/ \ CH - ji— jl 

uronaiy ort&ru 



H770 


h760A l aff-fimo high 

i Sep 1987 4 


Discount rate raised 
as US reacts over 
inflationary pressure 

BY UONB. BARBER IN WASHWGTON AND PHILIP STEPHENS IN LONDON 


50 ON staff ‘missing* 

Same BO United- Natfius staff 
are detained, imprisoned or 
reported missing and scene have 
even died ia detention, said a 
UN human lights report Most 
of the J cases have occurred 
since 1984.. • 

Scargill rejects code 

Arthur Scargill, president of the 
National Union of Mineworkers, 
rejected British Coal’s, amend- 
ment to its disciplinary code, 
increasing -the likelihood that 
the union’s executive will back 
industrial action. Page 5 - 

Actress fined 

Actress Maria Altken, sister of 
Tory BSP Jonathan Aitken, was 
fined £500 is London for smug- 
ging cocaine into' Britain. 

Blast in Belgium 

One womui died and fopr other 
people were missing after an 
explosion demolished part of 
an .apartment block in the 
Belgian city of Ghent/ * 


plenty to consider. The FT 
Ordinary index ruse 7.9 to 
1,782 JL and the BT-SE 100 
index was up SB at 2^7L9. 
Markets, Page 12 

MANAGERS OF Consolidated 
Gold Fields, the UK mining, 
finance and aggregates group, 
and US-based Newmont Mining 
—the target for a gfibn 
(£3.B6xn) bid from Texan oil- 
man, Mr T. Boone Pickens, and 
In whieh ConsGold holds a 28 
per; cent stake — are . due to 
meet this. Weekend at G leu- 
eagles, . • Scotland. ConsGold 
says the “ technical seminar ” 
i? unrelated to the bid. 

REG WARD, chief executive 
iff the. London Docklands Do- 
vetopment -Corporation since its 
creation in 1981, is to step down 
at tiieend of iheyear. MrWani 
has been doisely involved with 
the Docklands' Light Railway, 
the redevelopment of Canary 
Wharf land the planned London 
City- Airport. 

BLUE CIRCLE industries, the 
UK cement company, reported 
pre-tax profits op 40 per cent 
to £59.7m in spite of a price 
war in the US that hit profits 
of Williams Bros, its Atlanta 
ndaidtaxy. Page 8; Lea^ Back 
Page 

ALAN BOND, the Australian 
brewing magnate, has submitted 
a gUZbn (£725m) takeover offer 
for G. Heileman of Wisconsin 


THE Federal Reserve, citing 
concern about inflationary pres- 
sures in the US economy, yes- 
terday raised its key discount 
rate to 6 per cent from 5JS per 

cent, effective immediately. 

The rise in the discount rate 
— the first since April 1984 — 
ended a series of steady declines 

and came amid renewed down- 

ward pressure on the value of 
the dollar. Major US banks, 
following suit, raised their 
prime lending rate from 825 per 
cent to 8.75 per cent. 

A brief Fed statement said: 
The decision reflects the 
intent of the Federal Reserve 
to deal effectively and in a 
timely way with potential Infla- 
tionary pressures.'* 

Analysts noted that the 
specific language appeared to be 
aimed at reassuring financial 
markets that the new Fed chair- 
man, Dr Alan Greenspan, would 
be as determined an inflation 
fighter as his predecessor, Mr 
Paul Volcker. 

The absence of any mention 
of the dollar reinforced their 
view that US policy-makers 
believe the dollar may have to 
fall further to turn round the 
record US trade deficit 
Financial markets had 


US discount 
rate 

Percent 

0.0 


8.0 


7.0 


6.0 



1984 85 88 87 


expected a Fed discount rate 

increase for more than a week. 

After an initial upsurge in the 

dollar against the West Ger- 
man mark and Japanese yen 
yesterday the markets started 
to discount the Fed move and 
the dollar ended with little 
change on Thursday’s levels. 

The Fed’s timing— on the 
eve of the long Labor Day 
weekend— appeared to be 
linked to US employment 
figures which showed a worry- 
ing build up In wage inflation 


in August, coming on top of 
consumer price rises running 
at 5.5 per cent for the first six 
months of this year. 

The Fed’s 4-0 vote ia the first 
major public action taken by 
Dr Greenspan since he took 
over from Mr Volcker last 
month. It is the first change in 
the discount rate since last 
August and involved the mini- 

mum number for a quorum. 
Two members. Hr Robert 
Heller and Mrs Martha Seger 
woe on holiday. 

Last May, Mrs Seager was the 
sole dissenting voice on a 10-1 

vote by the Fed and the Fed- 

eral Open Market Committee 
which hinted at a discount rate 

rhawgp in the light of infla- 

tionary pressures. 

The economic outlook has im- 

proved since May, reflected by 
stronger growth and a fall in 
the civilian employment rate {6 
6 per cent Higher energy 
prices coupled with a weaker 
dollar have in turn raised fear? 
about a resurgence in US infla- 
tion. 

Last month, the Administra- 
Contbmed on Bad Page 
Half a paint may net save the 
dollar. Page 7; Currencies, 
Page 12; Lex; Back Page 


Ladbroke acquires Hilton 
International for $1.07bn 


the fourth-largest beer maker 
in the US. Back Page 

MATAW Bf, pharmaceutical 
wholesaler and retailer, is to 
double its size with the acquisi- 
tion for £42.6m of the. Drum- 
mond. Pharmacy Group from 
drinks group Guinness, which Is 
disposing- of its non-core activi- 
ties: Page * 

NEC, the electronics concern. 
Is to be the first Japanese com- 
pany to make cellular mobile 
telephones in Britain. Back 

SCOTTISH NATIONAL Invest- 
ment Trust, part of the G art- 
more stable, is to undertake an 
innovative restructuring in 
order to take pre-emptive action 
against potential predators. 
Back Page 

DE ..BEERS Central Selling 
Organisation is to raise the 
price of rough uncut diamonds 
by 10 per cent from next month 
because of the buoyant market 
for gem diamonds. Page 2 


MARKETS 


DOLLAR 


New Vers: lunchtime; 
dm L7aro 

FFT 6,0H5_ 

SFr 1.4885 : 

Y14L90. 

London: V -" . 

DM L7950 (L7935) 

FFr 6.0075 0 0025) 

SFr L487D (13&35) 

Y14L70 (141.0) 

Dollar index 1002 (1002) 
Tokyo close YlilM 


US LUNCBmHBRATSS 

Ftf’RmdjTjr"' — ■ 

8-month Treasury Bills:' 

yield: 6.49% ' 

Long Bond: 94* 
yield: 9.46% . .... 


GOLD ;• 

New York: uunexDec latest" 

$472 y:'r:;- .- 

London: $46545 • ' 


STERLING 

New York luncnume: $t65S5 
London: $1.6540 <1.6580} 

. DM 2.9725 (same) 

- FFr 82373 (9.9525) 

SFr 2.46 (same) 

Y23450 (233.75) . . 

Sterling index 73.0 (73A) 

raBggrgBgCT * 

Smooth interbank: * 

'.closing rate 10j '(1QA) 

•NOflmu SJ&A OiK 


Brent lS-oay^ept (Argus) 
618J75 (18.15) 

STrWXTNDTcfi^ 


msaimi VP?xr~ ■ 

FT-A All Share ia6L14 (+0.4%) 
FT-SE 100 241748 (+8S) 

FT-A long gilt yield index: 

High coupon 020 (957) ' 

New York lunchtime; 

DJ Did Av 2,58658 (—1221) 
.Tokyo: 

Nikkei 25,74408 (+9415) 


c ftkf jrJbreftiagir yvsrs rdsy: Sack 


Austria Sch Zb Bahrain Pin 0650; BotQlum BFr 48.* Canada CSiJDDi Cypnra 
CE0.7S: Denmark DXr 9X0; Egypt K2JS; Roland Fra* 7-00; Franca FFr 8J0; 
Germany DM 230: Greet*. Vr. 10ft' Honfe Kong HKS12; India -Rup 13; Indanaala 
Rb 3.100: httMl i*S 3:SK laty- U.fieO: Japan YOU: Jordan RJa 500: Kuwait 
Hfa 500; 1 Lebanon fiLIOOr titxambaaro. LPr 48; Malaysia tUn MenCo 

Pot 300:: Morocco' Dh SJXb^Natharisnda. .R 3u00r Noiway Mb 7Jpi Philippi wra 
Paa 20; Portugal Eac 100: B 'Arabia-Rla 60c Singapore SS4.1th Spjrin Pta 12ft 
Sii Lanka Rup 30:- S wad an SKr KOO: Sufltzadand SF> 220: Taiwan NTSSft. Tknlala 
Dirt EL800: Turkey L500; UAE Dh IKED; -USA SliX>. Bermuda 6150, 

SELLING PtUCE- IN IBELAND 60p 


BY CLAY HARKS 
LADBROKE Group yesterday 
moved into the top echelon of 
world hotel companies by agree* 
ing to pay $l-07bn (£645m) for 
Hilton International. 

•The British betting, hotels, 
property and retailing group 
won HiKoa after a take-it-or* 
leave-lt offer to ASegls Corpora* 
tLon of tte-Ug whirii had owned 
the gfiaht for less - than six 
months; • 

.. Ladbroke also hnmcJied a 
£234m ri^its issue, its second 
large cash call on shareholders 
within six months. It will fund 
the rest of the Hilton purchase 
with bank borrowings and with 
sales of non-core assets. Artels 
are expected to account for 
£40m of the estimated £200m 
Ldbrdke will seek from dis- 
posals. 

Mr Cyril Stein, Ladbroke 
chairman, said- in New York 
after a lengthy negotiating 
session: “To have secured Hil- 
ton at a reasonable price Is a 
great coup for Ladbroke." His 
judgment was echoed by com- 
petitors . and on the London 
stock market, where La<B>nxke 
shares added 2P to 441p despite 
the rights issue. 

HQtnn’s 91 hotels, including 
those owned and managed, will 


bring Ladbroke a total of 85,000 
rooms in 44 countries. As a 
result Ladbroke will operate a 
total of 50,000 rooms, including 
those under development. 

Ladbroke will put the Hilton 
name on many of its existing 
hotels. Below the top-flight 
properties, it will create a 

HiltOO Tnn phain to gr pand in 

regional commercial centres 
around the world- Some hotels 
will continue to carry the Lad- 
broke name. 

The new owner plans to 
reduce Hilton’s traditional em- 
phasis on US tourism, a reliance 
which in 1986 contributed to a 
21 per cent fall in pre-tax profits 
to 947.6m. It will continue its 
strategy of concentrating on tin 
growing international business 
and conference market 

Hilton, part of the TWA em- 
pire for more than 20 years, is 
the second leading luxury hotel 
oixrin to move from a US airline 
to British ownership. In 1981 
Pan Am sold the Inter- 
Continental rittin to Grand 
Metropolitan for 6500m. 

The International chain was 
spun off from Hilton Hotels Cor- 
poration in 1964 and has no con- 
nection with the domestic US 
group, apart from joint owner- 
ship of a reservation system. 


- The winning bid was almost 
exactly equal in sterling terms 
to Ladbroke’s unsuccessful 
■ 9850m offer for wntnn late last 
year. KLH, the Dutch airlme, 
woo the first auction held by 
TranSWorld — former parent of 
TWA and the hotel chain’s 
owner at the time — with a 
9975m bid, but had .the purchase 
blocked by its own supervisory 
. board. 

United Airlines stepped ia 
with a 9880m offer but its own 
problems forced the group — by 
then renamed AUegis— to put 
Hilton back on the block in 
June, only two months after 
completing the purchase. 

Ladbroke warned Allegis that 
it would withdraw from the 
bidding if its offer was not ac- 
cepted on Thursday. In return 
it offered the certainty that Ihe 
deal would not come unstuck 
the way the KLM agreement 
had. 

Ladbroke’s one-for-five rights 
issue at 378p is underwritten 
by Charterhouse Bank, its mer- 
chant bank. It follows a three- 
fort en issue at 375p, which 
raised £294m in April for de- 
velopment of the group’s four 
core businesses. 

Background, Page 8 
Lex, Back Page 


Brierley announces £367m 
hostile bid for Equity & Law 


BY TERRY ROVEY 
IN THE first hostile takeover 
bid for a UK life assurance 
company for two decades, 
Brierley Investments, the New 
Zealand investment bolding 
group run by Mr Bon Brierley, 
yesterday launched an offer 
valuing Equity and Law at 
£367m. . 

"This offer is wholly unwel- 
come and completely fails to 
recognise the value of Equity & 
Law," said Hr Chris Brocksom, 
its chief executive officer. It 
would be strongly resisted be- 
cause “it is not in the interest 
of either shareholders or 
policyholders.” 

Mr Brierley is convinced the 
bid will succeed. His group's 
earlier contested offers— £260m 
for Ocean Transport and Trad- 
ing last autumn and £9 5m ter 
Holins in July — failed because 
of institutional opposition. 

He said: “We begin this bid 
with a, ■ sizeable stake — 29.6 
per cent — and have been the 
only major buyers of this stock 
for the last 18 months.” There 
are no other large sharehold- 


ings in Equity & Law, which 
ranks 20th in size among UK 
life companies. 

The core of the Brierley 365p- 
a-share cash offer to Equity’s 
shareholders is that the life 
company has a dull Investment 
record and concerns itself more 
with returns to policyholders 
than to shareholders. 

Mr Brocksom denies these 
allegations. “ Our dividend 
growth has averaged 22 per cent 
a year in the last decade, one 
of the highest among the life 
offices, and we achieved a 20 
per cent return on our main 
fund last year.” 

Life companies are tightly 
regulated as to how much they 
can pay out In profits, the split 
between returns to shareholders 
and policyholders, reserve re- 
quirements and even the 
appointment of the chief 
actuary who monitors a com- 
pany's ability to meet long-term 
obligations under its policies. 

One aspect of this regulatory 
minefield — which Mr Brierley 
believes is a “nuisance but not 
an obstacle" — is the need for 


tiie bidder to obtain Department 
of Trade and Industry clearance 
for a stake in excess of 33 per 
cent. 

Processing of applications 
could take up to three months. 
This could inhibit the Brierley 
group’s takeover timetable 
because its ■ request for clear- 
ance has not yet been submitted. 

The attractions of Equity to 
the Brierley group are primarily 
the £3.5bn of policyholders’ 
funds invested in a mixture of 
gilts, bonds, property and 
shares. Mr Bnerley believes 
the return on this portfolio 
could be considerably improved 
and Equity’s overhead costs 
si g nific a ntly reduced. 

Mr Brocksom said that while 
there were limits to what could 
be done with these funds there 
was some scope for a more 
aggressive approach. He added: 
"We don’t believe that life 
companies should adopt a high- 

risk investment policy because 
of our responsibilities to policy- 
holders." 

Background, Page 4; Lex, Bade 
Page 


CONTENTS 


TUC conference-’ in Brother Sam’s • 
footsteps — 6 

M*" in the news: T. Boone Pickens - 6 *’ 

Editorial comment: a tale of two 
currencies 6 


US discount rate: half a point may not 
save the dollar 7 

The ozone layer: the case for a freeze 
in the greenhouse 7 


Appointments 

9 

FT Worid Aotuariaa 

14 

Bass Bb*m .r~— • 

14 

Foflrifln Exotmgaa 

12 

See Ram - 

7 

Gold 

10 

CommadttiN — • 

10 

IntL Co. Nawa ... 

10 

Company Nwn 

■ 

laadar Papa 


Economic Dtafy 

9 

lariata 

7 

European OptSsas. 

14 

Lax 


FT Actuarial .... 

9 

London Option* . 



Money Hariurti *— • 

12 

UK Nawa: 


Omraaaa Nawa -. 

2.3 

Benaral ............ 

3.4 

Racant Is sms ..... 

B 

Labour 

9 

Shara Information . 

1ft 19 

Unit Trusts 

14-17 


13 • 


20 

Stock Marietta: 




London .......... 

12 

INTERIM STATEMENTS 

WaU Strast: ..— 

11 

Robaca 

III 

Banna 

. 11 

Sadgawldca 

9 


UN chief to visit 
Iran and Iraq on 
peace mission 

BY ANDREW GOWERS IN LONDON AND ALAN FRIEDMAN IN 
MILAN 


THE UNITED Nations Security 
Council yesterday agreed to 
send Mr Javier Perez de Cueller, 
UN Secretary-General, to Iran 
and Iraq as soon as possible in 
what may prove to be a final 
diplomatic effort to secure a 
ceasefire in the seven-year-old 
Gulf war. It ordered bath 
countries to cease all hostilities 
during the mission. 

Mr Perez de Cuellar Is 
expected to go to Tehran in the 
second half of next week, travel 
on to Baghdad and return to 
New York on September 16 or 
17. However, the Security 
Council has set tough conditions 
for his visit. 

He is empowered only to 
secure compliance with an 
earlier council resolution order- 
ing a ceasefire and not to nego- 
tiate on aspects of it, as the 
Iranians had been hoping. 
Although Ira qhas said it will 
accept this resolution if Iran 
will, Tehran ia still thought un- 
likely to endorse it in full, 
though Mr Perez de Cuellar 
said Iran had agreed to discuss 
it 

If Iran finally rejects the 
resolution, the US is likely to 
press the Security Council to 
adopt a mandatory ban on arms 
sales to Iran. The US State 
Department said yesterday that 
it was sending a senior diplomat 
to discuss the Gulf with Soviet 
officials. 

In the Golf yesterday there 
was a sudden UU1 in attacks on 
■hipping, which had reached 
an unprecedented degree of 


ferocity earlier in the week 
after Iraq had resumed the 
tanker war last Saturday. The 
lull reflected the UN call for 
a temporary truce. 

However, Kuwait, which has 
repeatedly been threatened by 
Iran, said an unidentified long- 
range missile had landed on its 
coast early in the day in what 
was believed to have been the 
first incident of its kind. No 
damage or injuries were 
reported. 

Meanwhile^ Italy said It 
would K?nd a naval task force 
to the Gulf to protect Italian 
shiping, Increasing the number 
of foreign warships In the 
already crowded waterway. 

The decision to despatch the 
task force marked a significant 
chi f t in Italy's policy over the 
Gulf and is Ihe first occasion 
Italian forces have been de- 
ployed outride the Nato area 
since disbandm ent of the ill- 
fated Multinational Force in 
Lebanon in 1984. 

The announcement of what 
Mr Valerio Zanone, Defence 
Minister, called a defensive 
initiative came a day after what 
was presumed to be an Iranian 
patrol boat had fired rocket- 
nropelled grenades at the Jolly 
fcubino, an Italian container 
ship. 

In the Hague, Mr Bxrud Lub- 
bers, the Dutch Prime Minister, 
said tiie Dutch navy was “In- 
tensifying its efforts to solve 
the logistical problems" In- 
volved in sen ding two mine- 
CoHtiniied on Back Page 


Russians sentence Rust to 
four years in labour camp 

BY PATRICK COCKBURN M MOSCOW 


THE Soviet Supreme Court 
sterday sentenced Mr Mathias 
ist, a Dyearold West 
German pilot, to four yean in 
a labour camp. . 

Mr Rust landed his light 
aircraft in Red Square, Moscow, 
in May resulting in a shake-up 
of the Soviet armed forces. 

The judge rejected Mr Rust's 
claim that he had flown to 
Moscow on a peace mission to 
see Mr Mikhail Gorbachev, the 
Soviet leader, and said the aim 
of the flight was “to reek 
publicity." 

Earlier in the three-day 
trial Mr Rust pleaded guilty 
to charges of illegal entry into 
the Soviet Union and violating 
international flight rules but 
denied malicious hooliganism. 

He showed no emotion as the 
sentence was read out and his 


parents looked pleased, presum- 
ably because his four-year 
sentence in an ordinary regime 
camp is half the eight years in 
a .strict regime -Jatxnxr camp 
demanded by the prosecution. 
Soviet courts traditionally 

Western diplomats in Moscow 
expect that Mr Rust will not 
serve his full term in a camp 
but will be released either 
through amnesty or pardon. 

Mr Rust’s unimpeded Cessna 
flight on May 28 from Helsinki 
to St Basil's Cathedral, 100 
yards from the red-brick wall 
of the Kremlin, provided the 
excuse for a dampdown on the 
military by Mr Gorbachev. The 
Kremlin was therefore bound 
to take a serious view of the 
incident 

Marshal Sergei Sokolov, the 
Continued on Back Page 



GENETICS 

Developments in biotechnology 
ore threatening to turn 
the EC’s Common Agriculture 
Policy from farce to tragedy, 
reports Giles Merritt 
PAGE I 


FINANCE 

Bow you’ll be effected by the 
delay in introducing 
personal pensions. 
PAGE V 


MOTORING 

Peugeot produces another 
winner— the 405 SRi. 
page vm 


COLLECTING 

The Burlington House Antique 
Dealers’ Fair. 

PAGE H 


HOW TO 
SPEND IT 

... on English Eccentrics. 
PAGE XV 


ARTS 


The Venice Film Festival. 

PAGE xvn 


SPORT 

Michael Thompson-Noel on 
sports medicine. 

Ben Wright on golf course 
des ign. 

PAGE xvm 


^ Three year 

5+ performance 
ter to 1st September 


Trust 

Percentage 

increase 

Position and 
total number 

UK Growth 

in value 

+289.7 

in sector 

6th 100 

European 

+228.9 

1st 

22 

Income & Growth. 

+200.7 

3rd 

76 

Worldwide Recovery 

+180.1 

4th 

81 

Pacific 

+162.0 

6th 

32 

Practical 

+133.3 

1st 

..5 

International 

+130.7 

13th 

81 

Japan 

+119.8 

25th 

36 

High Income 

+106.7 

10th 

13 

American 

+53.4 

23rd 

64 


rifiTMn— nun 


ElMolhrMHUmMiMM. 



Our last fund launches were in September 
1984. This month, for the first time, we can 
quote’ three year performance for all of our 
hinds. 

The Worldwide Recovery Trust is especially 
popular at present having grown by 41,1%* 
over the last year. 

For further details about Worldwide 
Recovery or any of our funds, 
telephone 01-489 1078 or write to 
Oppenheimer Trust Management 
limited. Mercantile House, 66 
Gannon St., London EC4N 6AE. 

A man^coenpra^ of the Morcanttte House Group. 



Oppenhefcaier 

ftjnd Management Ltd 


.y 


^ -.i. 'Vi v.";; 1 v-.V ; 














2 


Financial Times Saturday September 5 1987 


OVERSEAS NEWS 


Pretoria’s tough 
AIDS curbs will 


affect thousands 


BY ANTHONY ROBINSON IN JOHANNESBURG 


MORE THAN lm foreign 
workers, including more than 
200,900 black miners, who work 
legally in South Africa and 
hundreds of thousands more 
who work there illegally will 
be covered by aid regulations to 
he introduced in South Africa 
soon. 

Foreign victims or carriers 
cf the aids virus will be ex- 
patriated from South Africa 
under the regulations which 
also provide for the compul- 
sory Isolation of affected 
nationals. 

Mr Willie van Niekerk. 
Minister of Health and Popula- 
tion Development, announced 
the regulations in parliament. 
They are a response to the rapid 
spread of the disease in many 
African countries including 
those from which most of South 
Africa's foreign labour force 
is recruited. 

The mining industry recently 
introduced aids screening and 


1,093 black miners, mainly from 
Malawi, were found to be either 
aids sufferers or carriers. Tha 
mining industry, with its large 
concentrations of workers in 
single-sex hostels, has been 
quick to recognise the dangers 
and set up counselling services 
for those affected. 

In future all workers recruited 
in central African countries will 
be aids zested before they are 
allowed to enter South Africa. 

The regulations have been 
strongly criticised by the trade 
unions. Mr Piroshaw Camay, 
general secretary of the black 
consciousness orientated 

National Council of Trade 
Unions, said: “The Government 
has a responsibility to give 
medical treatment to affected 
people, not send them back to 
countries which have no facili- 
ties." 

Mr van Niekerk told parlia- 
ment that South Africa had 
offered to help Malawi to com- 
bat the spread of disease. 


Coup unlikely to end 
racism in Burundi 


BY A SPECIAL CORRESPONDENT 


THE OVERTHROW of Presi- 
dent Jean-Bap tiste Bagaza by 
army officers on Thursday in 
Budumbura is unlikely to ease 
the plight of the Hutu ethnic 
majority in Burundi, black 
Africa's only racist state. 

A system akin to apartheid 
has kept the Tutsi minority — 
roughly 14 per cent of the tiny 
mountainous country's five 
million people — in power 
since independence from Bel- 
gium in 1962. 

Burundi's new leader. Major 
Pierre Buyoya, is also a Tutsi 
though reportedly not particu- 
larly well liked by his peers. He 
is said to be about 37 years old 
and to have attended military 
high school In Belgium. He is 
unlikely to adopt radical re- 
forms in favour of majority rule 
for fear of losing backing from 
Burundi’s army, which is said 
to be 12,000 strong, and almost 
exclusively Tutsi. 

The coup is probably the 
result of infighting among the 
Tutsi elite. Bagaza and three 
of his closest colleagues, the 
interior minister, the education 
minister, and the secretary 
general of national security, 
were largely held responsible 
for increasing repression used 
to deter Hutu from attending 
secondary schools. 

The Bagaza regime had over 


a number of years expelled 
about 200 foreign missionaries, 
mostly Roman Catholic. This 
was perceived as an attempt to 
run down rural services such as 
hospitals and schools, that used 
to benefit Tutsi peasants. 

In neighbouring Rwanda yes- 
terday it was announced that 
Rwandan president Juvenal 
Habyrimana had turned down a 
request from Mr Bagaza to come 
to Rwanda. Hr Bagaza is in the 
Kenyan capital, Nairobi. 

The situation at the main 
Rwanda /Barundi border was 
quiet yesterday, with none of 
the ansual heavy traffic an this 
vital trade route, Burundi’s life- 
line to the Kenyan port of Mom- 
basa. 

A Rwandan official said that 
they had spent the whole night 
scouring the border through 
hilly terrain for Burundian re- 
fugees but had found none. Be- 
yond the bridge, two military 
Land Rovers were visible but 
apparently there were only five 
soldiers at the Burundian cus- 
tom post, which was closed. 

Only a trickle of peasant 
women and young men were 
permitted by Burundi soldiers 
to cross the bridge. They said 
that the atmosphere in the hills 
was calm but that soldiers had 
laid barriers across mountain 
paths and main roads and were 
turning back all civilian traffic. 


Canada to Increase aid 
to Francophone Africa 


BY ROBERT GIBBENS IN MONTREAL 


CANADA HAS pledged a 
further C$20m (£9.3m) in 

special aid to Francophone 
Africa, with emphasis on the 
drought-stricken countries of 
the Sahel belt stretching from 
Niger almost to the Sudan. 

The aid is shaped to help 
these countries improve agri- 
culture, education and com- 
munications, and Hydro-Quebec, 
Canada's largest power utility, 
will provide expertise in the 
energy field. 

The Federal Government 
announced the new programme 
at the second Francophone 
Summit in Quebec city, 
attended by delegations from 
37 Francophone countries in 
alL The programme is in 


addition to existing grants and 
is designed to help Francophone 
Africa develop infrastructure. 
The programme was developed 
to meet needs outlined at the 
first summit in Paris in 
February 1986. The Sahel coun- 
tries are in desperate need of 
agricultural know-how because 
of drought and the encroaching 
desert 

Canada's educational aid Is 
geared to improving public 
administration in Francophone 
Africa. 

Canada will write off nearly 
C$700m in debts owed by 
French and English-speaking 
African countries, putting all 
its regular aid programme on 
a direct grant basis. 


De Beers 
raises gem 
diamond 


prices 

By David Blackwell 


A BUOYANT world market 
for gem diamonds, in parti- 
cular In Japan, has prompted 
De Beers Central Selling 
Organisation to raise the price 
of rough (tmeut) stones by 
10 per cent from next month. 

Japanese imports have 
risen by 60 per cent so far 
♦htg year in terms of the US 

dollar — the currency In 

which all diamonds are 
traded. In terms of the yen, 
imports are ahead 31 per 
cent 

“The strength of the yen 
has made diamonds far more 
affordable to the Japanese 
consumer,'’ sa id a spokesman 
for the London-based CSO, 
which handles more than 80 
per cent of the world's dia- 
mond sales. “ The market 
there is really motoring.” 

The Japanese are buying a 
wider range of large, good 
quality stones of 1J carats and 
above. At current prices a 
top quality one carat stone 
fetches between $13,500 and 
$15,600. 

The price rise is to be 
implemented at the next CSO 
sale, known as a “sight”, on 
October 5. It will not apply to 
faoart diamonds, which are 
cradled for use in industry, 
or to drilling diamonds. 

Last year, the CSO raised 
prices twice, by 7JS per cent 
in April and 7 per cent in 
November. Before that, there 
was a 3.5 per cent increase 
in early 1983 when the dia- 
mond industry was in the 
worst recession since the 
1930s. 

In the first half of this year 
the organisation sold $l-56bn 
worth of diamonds, compared 
to $L21bn in the first half 
of 1986. In a normal year first 
half sales exceed those of the 
second half as retailers re- 
stock after the Christmas 
period. Bat the buoyancy of 
the market tills year leads tile 
CSO to expect its second half 
sales to equal the first half. 


Japan's trade 
surplus set to 
fall by $18bn 


JAPAN'S trade surplus win 
fall by about $18hn in the 
1987/88 fiscal year ending 

Marfh !T1 . tha Minis try of 

International Trade and In- 
dustry forecast yesterday, 
Reuter reports from Tokyo. 
In 1986/87 Japan had a global 
surplus of glOLfibn. 

The ministry said imports 
were expected to increase by 
about $25bn and exports were 
to grow by $7bn. 

No reason was given for 
the forecast, but private eco- 
nomists have said the strong 
yen has reduced the price of 
imports. Higher oil prices 
also reduced the surplus. 

Japan said it had tightened 
controls on exports of tech- 
nology to communist coun- 
tries to help prevent a re- 
currence of toe recent 
Toshiba Machine scandaL 
Japanese business circles im- 
mediately welcomed the bOS, 
hut securities analysts said 
the changes may not be 
enough to head off anger in 
the US Congress over the 
Toshiba Corporation's subsi- 
diary’s illegal sale of tech- 
nology to Moscow. 

Parliament approved a bin 
which raises prison sentences 
for export violations to five 
from three years and gives 
the Foreign Ministry a rale 
in vetting applications for the 
export of high technology 
goods to Communist coun- 
tries. 


Roger Matthews reports from Manila on the swelling tide of newspaper opinion 

Philippine press takes coup attempt to heart 


NOTHING STIRS the journa- 
listic juices quite so rigorously 
as a military coup especially in 
a country such as the Philip- 
pines which has only fairly 
recently rediscovered press 
freedom. 

The professional joy of 
Manil a’s dally newspapers — 
23 at the last count — has been 
unconfirmed as under their Page 
One slogans of “ Balanced News 
Fearless Views ”, " That we may 
have life, and have it more 
abundantly” and “The truth 
shall prevail" they have re- 
ported, dissected and embelli- 
shed every last drop of fact, 
rumour and gossip. 

No-one baa done it better 
than the unblqnitous columnists 
who hoard unto themselves the 
right to dispence the most scur- 
rillous accusatory and provoca- 
tive item. For those with little 
to do between breakfast and 
lunch, a small selection could 
include: " Straight from the 
shoulder ”, “ From a distance ", 
“The bookmaker”, “Make ray 
day ", “ Chaff from the grain ”, 
“United Notions", “From all 
corners ”, “ View from the 
wing " and “ Jaywalker 

Often they write about exactly 
toe same topic, even within the 
same newspaper. However, it is 
the way they do it that counts. 
Thus one columnist has it in 
for indvldual advisers of Presi- 
dent Corazou Aquino. To press 
his point he will refer to them 
in quick succession as “Boca 
Grandes” (Big Mouths), the ill- 
advisors or the Con-you Conse- 
jeros. Certainly they appear to 
have been behaving very badly; 


POUCE yesterday arrested 
the brother of toe Philippines 
mutiny leader. Colonel 

Gregorio “Gringo” Honasan. 

AP reports from Manila. 


? - ~;v 

Colonel Cefeo Francisco, 
chief of police m suburban 
Marakina, said officers were 
preparing illegal weapons 
charges against Mr Don Hona- 
san. 

-• * ^ ^ ’.VS 

Col Francisco said a search 
of Mr Honasan's home turned 
up a .45-calibre pistol, a -357- 
calibre Magnum handgun and 
assorted rifles. - - 

^||p§ 

Gregoria Honasan (right) 
led last week's coup attempt 
against President Corazon . 
Aquino. 

.Up 

Troops and police have 
searched Manila and sur- 
rounding pro vlnees for toe 
past week but have failed to 
find the colonel, who once 
served as security chief for 
former Defence Minister 

wM 




figure iff Col Gregorio “ Gringo “ 
Honasan, the coup leader, who 
she admitted was reaHy rattier 
attractive. “Yes," she wrote, 
“ * Gringo 1 made by day- I sat 
■there watching tel evasion raid 
found myself sympathising with 
him. He has a valid case and 
Tm sure hs didn't mean to kill 
any civilians.” 

Elsewhere other newspapers 

have been doing their bit to 
rehabilitate “Gringo” even as 
toe Government throws addi- 
tional troops into toe 
search for him amid fears that 
be may be about to mount 
another .assault on toe capital. 
His wife, Jane, was on many 

front pages yesterday morning; 
with her open fleeter to Gen 
Fidel Ramos, toe Chief of Staff; 
winning extensive coverage. 

Jane, mother of four who 
calls her husband “ Greg " 
rather than “Gringo" is out- 
raged that Gen Ramos should 
have described her husband as 
“a coward, liar, ruthless and 


telling tiie army how to win a 
war, hiding facts from toe Presi- 
dent and getting thate relatives 
appointed to plum jobs which 
carry fat salaries. 

No one, it seems, can resist 
getting in on the act The lady 
who writes the column “ Women 
in Motoring" began yesterday: 
“1 cannot help from digressing 


from motoring and instead con- 
vey my modest thoughts about 
the abortive coup.” These 
thoughts included hoping that 
the Government could solve the 
country's problems, and urging 
toe citizens to stay calm. 


Her colleague, toe television 
critic, was also afflicted, but in 
this case it was by the dashing 


inhuman." She knows that deep 
in his heart. General Ramos 
does not mean that and such 
utterances could only have been 
made because the Chief of Staff 
was rather upset at toe time 
of the attempted coup. 

After all that Greg has been 
through in defence both of his 
country and Mrs Aquino. Jane 
never dreamed for- a moment 
that toe greatest threat to his 
life would come from Gen 
Ramos and his brother officers. 
The shoot-to-kill order was quite 
inhuman, she declared. 

“My husband has no inten- 


tion of hurting anyone, 1 * she 
writes of tiie man who first 
attracted media attention be- 
cause of his penchant for para- 
chuting from helicopters with 
a pet python round his neck, 
“ I will forever be proud to be 
the wife of Col Gregorio B. 
Honasan.” In an accompanying 
article a friend of Jane's opines 
that Greg could not have a 
better bunkmate. 

But there are also other 
meaty matters requiring atten- 
tion not least the troublesome 
matter of servicing the country’s 
$2&5bn foreign debt. Cast 
around the columnists and ..toe 
answers are on hand, ranging 
from the most simplistic ("don't 
pay") to one which Should 
cheer up President Reagan on a 
wet day in Washington. The 
latest published wheeze, is to 
renegotiate the agreement for 
the two massive military bases 
the US maintains in the 
Philip pines. The annual rent 
would be fixed at about 82bn 
and, bingo, there’s your debt 
servicing problem resolved. 

But if the pressure has been 
intense on the writers this week, 
spare a thought for those who 
produce the headlines. Second 
prize, for the under-stated 
headline goes to “ Beheaded 
Moslem leader provoked assail- 
ants.” The undisputed winner, 
works for Panay News, the 
paper of toe island of Antique. 
Faced with a story about a 
broadcaster on a local radio 
station, who killed a man, he 
cpmp up with “ Antique broad- 
caster kills man alive." ■. 


US services employment rises 


BY NANCY DUNNE IN WASHINGTON 


US EMPLOYMENT In services 
sectors expanded last month 
along with the labour force, as 
the nation’s unemployment rate 
held steady at 6 per cent; toe 
US Labour Department re- 
ported yesterday. 

Meanwhile, a second report, 
released by tiie US Census 
Bureau, found the earning gap 
between American men and 
women has narrowed signifi- 
cantly daring the past seven 
years. However, the average 
paycheque for full-time women 
workers is just 70 per cent of 
that earned by men. 

In the Labour Department 
report, the monthly survey of 


households estimated 113.08m 
Americans to be holding jobs, 
up 355,000 from July. The 
number believed to be unem- 
ployed ■ dropped by 3,000 to 
7.22m. 

Dr Janet Norwood, commis- 
sioner of the Bureau of Labour 
Statistics, said yesterday that 
virtually all toe increase in the 
jobs survey taken during 
August was in the service-pro- 
ducing sector. 

“Employment in the services 
industry rose by SO ,000 with 
strong growth in both business 
and health services," she said. 
“The number of factory jobs, 
which had Increased by 90,000 


in the previous month, held 
steady in August Moreover, 
both weekly hours and overtime 
hours in the nation’s factories 
continued to be very high by 
historical standards." 

In the Cemus Bureau report; 
researchers found that women 
bad made wage gates by leaving 
lower-paid professions to take 
op occupations — such as law, 
computers and engineering — 
which were once dominated by 
men. 

Traditionally American women 
have earned about three-fifths 
of what US men take home. 
However, from 1979 to 1986 the 
average earning s ratio climbed 
from 62 per cent to 70 per cent. 


EC- Japan talks on trade 


BY QUENTIN POL IN BRUSSELS 


EUROPE’S INCREASINGLY 
touchy trade relations with 
Japan, and demands for further 
measures to open the Japanese 
market to European Community 
exports, will dominate toe 
agenda of talks next week 
between Mr Willy De Clercq, 
toe EC Trade Commissioner, 
and senior Japanese ministers. 

The launching of EC anti- 
dumping investigations against 
Japanese-owned assembly plants 
in the Community, and against 
Japanese exports of compact 
disc players and D-ram 
(dynamic random access 
memory) microchips, have 
caused particular anger in 
Tokyo. On the other hand, toe 
12~EC member states insist that 


they have yet to see tangible 
evidence of market-opening 
measures in Japan for Euro- 
pean exports. - 

Mr De Clercq will be calling 
in particular for some action to 
open big publiosector contracts 
in Japan to foreign contractors 
— including the Kansai inter- 
national airport at Osaka, and 
residential developments in toe 
Bay of Tokyo. 

Although toe visit is not a 
formal part of contacts between 
the Community and Japan — Mr 
De Clercq is attending a con- 
ference of EC and Japanese 
journalists— his list of appoint- 
ments underlines toe sensitive 
state of trade relations. He will 
be seeing among others Mr 


Ta dasTn Knranari, the Minister 
of Foreign Affairs, - and Mr 
Ha jlme Tamara, the Minister 
for International Trade and 
Industry ' 

The trade deficit between 
Europe and Japan Is still a 
matter of grave concern in 
Brussels, running some 2.9 per 
cent above 1986 levels, when it 
reached $2fbn, although the 
rate of growth of toe deficit 
has slowed. 

The Community only exports 
to Japan one third of what it 
imports— a situation toe Euro- 
pean Commission describes as 
“ unbearable ” and quite 
diff erent to the state of trade 
relations with any other in- 
dustrialised country. 


US may act on UK crankshaft dumping 


BY NANCY DUNNE IN WASHINGTON 


THE US Commerce Department 
has ruled that forged steel 
crankshafts from the UK are 
being sold in the US at less 
than fair value and has pro- 
posed anti-dumping duties of 
14.67 per cent. 

The duties will be imposed 
principally upon United En- 
gineering and Forging if toe 
International Trade Commis- 
sion decides that the imports 


injure the US 


materially 
industry. 

The ITC has 45 days to issue 
its decision. If it determines 
that injury has been incurred, 
the Commerce Department will 
then issue a final order instruct- 
ing the Customs service to col- 
lect toe anti-dumping duties. 

The Investigation began last 
October when the Commerce 


Department received a petition 
on behalf of the US industry 
by the Wyman-Gordon company. 
Imports of forged steel crank- 
shafts ftom the UK were valued 
at 88.8m last year. 

Renter adds: Major textile- 
exporting countries yesterday 
condemned proposed US import 
curbs as a threat to their 
economic development and toe 
world trading system. 


Pools upstage polls 
in anxious Argentina 


IT IS difficult to judge which 
result is more anxiously awaited 
by 30m Argentinians ibis week- 
end — that of the mid-term elec- 
tions or the football results 
which will determine toe pay- 
out of a record 310m first prize 
on the pools. 

The “prode,” as toe pools are 
called to Argentina, is organised 
by toe Ministry of Social Wel- 
fare, which receives 60 per cent 
of toe profits. It has almost 
upstaged the important mid- 
term elections which take place 
tomorrow. Even toe most staid 
and cautious people are this 
week having a flatter. Business- 
men, bankers, lawyers, factory 
workers, secretaries and taxi- 
drivers alike have been lured 
with toe dizzy prospect of 
becoming overnight multi- 
millionaires by gambling a $5 
stake. 


Argentina is holding 
its breath awaiting a 
record pools pay-out 
and knife-edged mid 
term election results, 
writes Tim Comte 


People are even, said to be 
crossing from- Uruguay. Para- 
guay and Brazil to gamble on 
this weekend’6 13 fixtures in the 
Argentine football league. 

As one local journalist com- 
mented: “It seems more hopes 
have been created by toe prode 
than by toe outcome of toe 
elections.” 


tives in municipal and provin- 
cial governments throughout 
the country. 

On these will depend toe 
future course of toe govern- 
ment’s economic policy, as infla- 
tion and economic problems 
have been toe focal point of 
the; election campaign. 


The jackpot is so big because 
for toe past two weeks none of 
toe regular 1.5m punters has 
won first prize. The prize 
money has been rolled over, 
leading to this week’s record pot 
of more than 20m australs. 


The prode administrators esti- 
mate that this week more than 
5m tickets have been sold, 
more than three times the usual 
figure. 

So while out on toe terraces 
the fans cheer os their teams, 
and toe prode gamblers await 
the scores, toe politicians will 
be anxiously awaiting the other 
result of the weekend— those 
of 19m votes for the governor- 
ships of 20 provinces, half of 
the seats in the chamber of 
deputies of the congress, and 
almost 11,000 posts of council- 
lors, mayors and represents- 


Tomorrow’s referendum on lifting the ban on opposition leaders could be a turning point, writes David Barchaid 


Politicians shape up for Turkey’s two-man voting tournament 


TURKEY'S Prime Minister, 
Mr Turgut Ozal, is fond of 
soft landings, a phrase that 
constantly recurs in his 
speeches and conversation. 
However, tomorrow’s refer- 
endum looks more like a 
head-on collision which would 
put an end to at least one 
political career. 

If things turn out badly, that 
career might be Mr Oral's and 
the prime minister this week- 
end will be feeling all toe 
ruefulness of someone who has 
overplayed a strong hand. 

Recent remarks by him jn 
the final week before the 
referendum have suggested to 
the Turkish press at least that 
he is steeling himself for a 
rebuff from toe voters. 

The referendum will ask 
voters whether they want 
politicians, including two former 
prime ministers, Mr Suleyman 
Demirel and Mr Bulent Ecevit, 
to be allowed to return to ftill 
political activity before a 10- 
year ban on them imposed 
by the military and upheld in a 
militarily - sponsored refer- 
endum five years ago, expires 
in 1992. 



Suleyman Demirel: M could 
end one political career ” 


At the beginning of this 


summer. Mr Demirel looked 
like an irresistible force 
clamouring at the door of 
Turkey’s somewhat artificial 
parliament which came into 
being after elections in 1883 


and from which toe military 
barred anyone of whom they 
did not approve. 

Mr Oral appeared to be 
bowing to the inevitable when 
his party in May voted to lift 
toe bans on the former leaders. 
The prime minister’s insistence 
on a referendum which would 
test the degree of support for 
toe idea looked relatively 
innocuous as no one supposed 
that he would actively campaign 
against It. 

Very quickly however, toe 
referendum turned into a sort 
of plebiscitary tournament be- 


tween Mr Ozal and Mr Demirel. 
If there was a “no” vote, it 
became plain, Mr Demirel — six 
times prime minister since 
1965— would be humiliated. The 
True Path Party which he 
leads from behind the scenes 
would lose its raison d’etre if 
there was no chance of his 
holding office in the near 
future. 

This was harsh luck for toe 
other politicians involved in the 
)an, many of them virtual un- 
knowns who happened to be 
holding party office in 1980. No 
one seems quite sure how many 
there are. Newspaper estimates 
range from 55 to 70 per cent. 
Government officials say there 
are 242 of them but no public 
list of their names will be up 
in the ballot booths tomorrow. 

Whether or not they remain 
disenfranchised will depend on 
the outcome of toe personal 
contest between Mr Ozal and Mr 
Demirel. The battle between 
the two men has been increas- 
ingly fierce and, as time has 
gone on, Mr Demirel's skills as 
an old campaigner have been 
very much in evidence. The 
voters across the country have 
flocked to him in ever larger 
numbers at rallies. 

Part of his campaign stresses 
abstract themes such as human 
rights and the need to restore 
greater personal liberties in 
Turkey. But he also appeals to 


toe desire of voters for an 
improvement in their standard 
of livings 

He has some telling points 
to make against Mr OzaL Quite 
apart from toe question of 
whether trial by toe electorate 
is never justified, he points 
out that Mr Ozal was a key 
figure in his administration 
when the 1980 coup happend 
and a candidate in one of toe 
banned political parties in the 
1970s. 

If the prime minister had 
been elected in toe 1970s, he 
reminds his audience, then he 
would have been on the list of 
banned politicians himself. 

But Mr Ozal has seen to it 
that Mr. Demirel cannot make 
these points to a nationwide 
andlence except by proxy. He 
is barred from television appear- 
ances. Party political broadcasts 
have been trimmed to one ten 
minute broadcast by each of toe 
officially-recognised political 
parties and two by toe prime 
minister himself, his final 
appearance coming today on toe 
eve of toe poll. 

Because of ail this it looked 
during the middle of the 
summer as if Mr Demirel was 
in serious danger of defeat. 
Since then, however, the picture 
has altered as toe implications 
of toe vote have become clearer 
to the country. 


The poll will also be a sort 
of plebiscite on the 1980 mili- 
tary revolution, and perhaps 
because of this provincial 
officials In many parts of rural 
Turkey have been privately 
signalling to peasant voters in 
Turkey’s 45JW0 villages that 
they want a “no” vote. 

In some regions at least, 
there seems to be a certain 
fear among toe voters that even 
a they vote “yes," the ballot 
boxes could yield a “no” 
result 

In toe big cities, toe mood 
is store self-confident Ankara 
looks tike voting solidly against 
the prime minister. But the 
two other large cities in 
Turkey,. Istanbul and Izmir, 
seem to contain more- support 
for him, perhaps because they 
have done better out of his 
policies. 

Mr Ozal 3ms campaigned as 
vigorously as -in any general 
election, travelling 23,000 km 
in under two months. His 
message to the voters is that if 
they vote “yes," then they will 
be asking for a return to toe 
political violence and economic 
hardship of toe 1970s. 

As toe campaign has gone on, 
however, nerves have got 
increasin^y frayed. Mr Ozal 
lost his temper when con- 
fronted with angry voters in 
Mr Demirel’s home town of 



Turgot O tab steeling himself 
for a rebuff. 


Isparta. He set toe police . upon 
them, declaring that blue (the 
colour of “no" ballot papers 
and so of Mr Demirel’s sup- 
porters) was toe colour of toe 

The US-inspired razzamatazz 
of his campaign has also not 
gone down wefl with toe public. 
In some cities. Ozal supporters 
waved banners in English for. 
reasons no one (least of all the 
banner curlers) could explain. 

Yet toe advantages of holding 
office in a contest fllke this are 


undeniable and to many Turks 
ar that 


at least It is clear that toe 
condition of the country has 


improved greatly since Mr Ozal 
took office. 

If he is rebuffed, toe Ozal 
years could soon be at an end. 
And there, lies the difficulty 
of the choice as far as many 
educated Turks are concerned. 

They fear that an Ozal vic- 
tory would be the signal for a 
tightening of Motherland Party 
control and' perhaps open the 
way for toe Religious Funda- 
mentalists within it 

But if Mr Demirel comes 
comes back, as he is likely to 
do if he regains his political 
rights toy a large majority, 
then Turkey may shake off the 
authoritarian legacy of the 
1980 military coup and become 
temporarily more liberal. How- 
oyer past form suggests there 
will be economic mismanage- 
ment followed by the loss of 
the fruits of stability during 
the last few years. 

Nor is toe outlook on funda- 
mentalism very encouraging. 
Mr Demirel was the prime 
minister who ushered in the 
expansion of Islamic education. 

' So instead of a simple en- 
dorsement of basic political 
principles, voters seem to be 
faced with a dismaying choice 
between the frying pan and the 
fire. Either way, the referen- 
dum could well be the most 
important turning-point in 
Turkey’s history 


The saturation of party proper 
ganda on the airwaves, the 
leafletting in toe streets,- and 
the plastering of posters and 
painted slogans over any avail- 
able wall space came to -a halt 
on Friday morning by law, to 
give voters 48 hours to rumi- 
nate coolly upon their choices. 

Lif ting himself above the 
melee of party politics. Presi- 
dent Rani Alfonsin said on tele- 
vision on Thursday night: “We 
have all had to learn in Argen- 
tina; toe government to go veto; 
the opposition to be an opposi- 
tion. Who has learnt better 1 
could not say. But certainly, 
toe people, each one of you, 
has learnt the most ... I have 
governed with the matnrest 
people in our historv." 

In the past 30 years there 
have not been three consecutive 
elections without a military 
coup intervening. The president 
can claim this moral victory 
even if his party does not fare 
as well as he would wish 
tomorrow. 

Many commentators believe 
the difficult economic situation 
will lose the ruling Radicals 
votes and posts to both right, 
left and centre. This will oblige 
toe government to start b uilding 
alliances next week with some 
or all of the opposition parties 
to be able to control the Con- 
gress where it stands to lose 
its majority. 

Zf this happens there are 
likely to be Changes in economic 
policy. One senior official in 
toe Industry Ministry postponed 
an interview until next week 
saying: “It is better we talk 
after the elections. The answers 
I have today may be changed 
by political decisions taken next 
week.. It all depends now on 
the outcome of the . elections." 

Whatever- those economic 
decisions are, at least the. prode 
winner will not have to worry 
about them. 


FINANCIAL TIMES 
Published by Hie - Randal Tfcnc 
(Europe) Lid., Frankfort Braodi, 
Mata, 


J«doo. fttMen FrtakfnrtcrSoarilt*- 
jWrtd-QmbH. Freukfan/Uiia. 

D. Albino, Jfcnddtotf 
M«in. Gdoilcttann 54. 6000 ftmktat 
1 , £ The Hsaacfed Tboct LA- 

USPS No. 190646, 
except Seodxji mi 
USK*Hrh«kffl«es5365D0pcr 

*3 


Y«k. N.Y. and 


POSTMASTER Mad ■333* 

JWANCIAL DMES, M But 
«Mi Sheet, New York. MY. 10002. 



< - 


ecti m 


aotialin 


-4 :\\? * 





U • : 


■ ‘'-2' 


m: ■ 

it- •“ 




3 




Financial Times SafaErday September 5 1987 


OVERSEAS NEWS UK NEWS 


3*. 7 
1 


5sfS- 

r & 

5 ti& 
„ r f u ‘ k' 

■*rm, -d< 
'*»*S5. s'i 

*»-. < Si-.' 


js 

ob «a^ 

• 

ZS?l 

V hei 

sV% 

*s?fc 

‘s*?! 

*a i w‘ 

;«fc£ 


[enii 

-2 is h{f 

:h 2K]> 

'ooiscr. 


aca Sr 


t :: : 

'"•• ? ; -v- 

r.i ixiz 


:? rrs3= 

I- ! /--£ 

-: c i ?= 

.V — ST? ~. 

i’ kL-.’:: 


David Lascefles looks both sides of the counter to meet the new breed of bank manager 


arrested as fears A high profile in the quest for market intelligence 


M rise over violence 


BY RICHARD GOURLAY IN SEOUL 

SOUTH KOREAN ; police 
yesterday arrested more, than 
350 -workers accused of taking 
part in violent strikes that have - 
hit two towns. 

The - arrests came as the . 
opposition, and government 
parties warned . that labour ~ 
violence could threaten demo* 
enatic presidential elections .to - 
December. . 

The dawn arrests at Synodal 
Heavy Industries in lllsan were ; 
made after- strikers occupied . . 
offices and attacked company - - 
property — breaking windows 
and computers bat not so far 
factory equipment Earlier this 
week, after • 10,000 strikers 
marched to the centre of town 
a handful of diem burned 
parked cars at the City Hall, 
though union leaders later K 
claimed the arsonists did not 
work at -Hyundai and could 
have been infiltrators. nat 

The Home Affairs minister Hu 
said industrial violence had cal 
gone far enough and warned T 
that police would arrest strikers vaL 
who seized offices, set fire to 
property or took employers 
hostage. t? 

At the Daewoo Motor Com- “ 
pany. in Pupyong near -Seoul, 5L: 
police arrested about 70 men as 
they slept In a dormitory after ^ 
the company requested police 
help to end a sit-in. tz: 

At Hyundai the strike was " 
triggered by a pay dispute f 
where 7 per cent divides the Iff* 
union and management while at fj” 
Daewoo, the company says than “ ® 
are three unions claiming to “® v 
represent workers making it W01 
impossible to .start wage . C 
negotiations. cha 

One of the opposition’s two sub 
top leaders. Mr Kim Dae Jung, Cm 
denounced the violence but said Chi 
only a few of the -10,000 side 
Hyundai strikers were involved Wo 

Meanwhile about 2,000- stud- the: 
exits at Seoul's Yonsei Univer- the 
sity fought riot police yester- tioz 
day after calling for the rerig- De< 



Kia Dae Jung: denounced 
violence. 

nation of President Chun Doo 
Hwan and the release of politi- 
cal prisoners. 

For some weeks there have 
been fears in Seoul of a H Sep- 
tember crisis " should student 
riots continue after they ret ur n 
to university at the same time 
as labour strikes continue. The 
fear Is that tills might give 
the bard line officers an ex- 
cuse to halt the transition from 
military dictatorship to demo- 
cracy. 

Radical students* efforts to 
politicise what are basically 
strikes over wages and the right 
to set up free trade unions 
have so far been shunned by 
workers. 

. Oh Wednesday, US Senate 
Chairman of the foreign affairs 
sub committee on Asia, Mr Alan 
Cranston, said that President 
Chun, and his hand-picked pre- 
sidential candidate, Mr Roh Tae 
Woo, both assured him that 
they were committed to seeing 
the first direct presidential elec- 
tions in 16 years take place in 
December. 



NO ONE, it seems, can be 
indifferent to bank managers. 
To some of us, they are angels 
of mercy. To others they are 
tightfists. To some they are 
pillars of the local community, 
to others the busybodies of the 
high street What is certain, 
though, is that If Britain’s 
12,500 bank managers suddenly 
disappeared, chaos would barely 
describe the consequence. 

Mr Steve Harris is one of 
them. He runs Midland Bank's 
branch in Stamford, a pleasant 
country town of 17,000 in south 
Lincolnshire noted for Its fine 

BEHIND^ S 

™e JfES 

SCENES 

Scenes 

stone buildings. *’ They say that 
visiting your bank manager is 
a bit like going to the dentist,” 
he said in his first-floor office 
overlooking the little market 
square. “ If that’s true, then 
it’s a great shame. But I think 
it's totally wrong. We have a 
lot to offer.” 

And a lot to selL Today’s 
bank manager is far removed 
from the traditional image of 
the grim-faced, desk-bound type 
of old. The fierce competition 
between banks and building 
societies, particularly during 
the credit boom of the last few 
years, has pushed the bank 
manager into the front lines of 
the battle for business. 

Mr Harris, who is 38. is 
chatty and energetic, but firm- 
minded and determined to 
snatch every advantage he can 
over his great local rivals. 
Barclays. NatWest, Lloyds and 
the TSB- 

Goals urged 
for defence 


negotiating on US bases electronics 

Btw IWvU Htirban 


BY ANDRIANA tERODIACpNOU 

THE CREEK .Government and 'which lias wanted to down 
the US began talks on the toe prospects for the bases 
future of the four American ibeyond 1988 for the past year 
military bases in Greece. - land a hW, so far to httie 
Hr Robert. Keeley, ike US (effect, 
ambassrtdorto- Greece; aad-Mir - ; The Greek Socialist govern- 
Karol os PapbftESft, Greeks Tmen’t - tts ' forinaHy '■ opposed - to 

Foreign Minister Hufid. a pro- -the .presence of the American 
Mminary meeting on {xtoceduraL ,-bases^ anil «ai g oi n g n new. agree— 
details. The agreement on thei meat 'oh their operation is. poll- 
bases* operation -expires 
, December 1988. .. 


ticaHy tricky. . The government 
has indicated Siat.it would be 


Greek and " American officials wIHing to allow the bases to 
said the main negotiations are 1 stay in exchange for US support 
expected to begin next month for Greece m to disputes wfith 
in Athens. No. timetable bad n Turkey over (he Aegean and 
been set for the completion off Cyprus. Any new agreement 
negotiations. This -is a thorny) ‘resulting from toe negotiations 
point, for the. American ride,- Is to be submitted to a referee. 


Officials confront 
Poland’s capitalists 


A GROUP OF Polish business- 
men and free market economists 
— many of them Solidarity sup- 
porters — yesterday held the 
founding meeting of the Econo- 
mic Society, a body which aims 
to promote private enterprise. 

The' organisation has taken 
nine months to . win official 
approval, in spite of official pro-' 
testations, that the market would 
be allowed a greater.- role in 

T*. I. Kh.lv 4. H. 


work cut out -combating pre- 
judice and bureaucratic opposi- 
tion. -■•••• ' 

Budding entrepreneurs con- 
tinue to come up against official 
barriers, while private sector 
profits and wages cause unrest 
among the public. - 
Recently a row blew up over 
impressive profits earned by 
Agrotnchnika, a - company set 
up by toe official rung youth 
movement - to bolster .its 
finances. ■ - 
As soon as profits and 
incomes began, to rise official- 
dom took an Interest, rescinding 
tax concessions and accusing 
tiie company, of -breaking .the 
rules ta make undeserved pro- 
fits. ‘ . , . ’ " . ■ 

Other groups are also experi- 
encing problems, Unicum is a 
co-operative set up In 1984 by 
Solidarity; supportes,’ many of 
them freed political prisoners 
who were unable to return, to 
their old Jobs to toe state sector. 
The cooperative toot to act- 
ing as a -midrib 1 between 
state companies which to -toe 


Some former Solidarity 
activists are turning to 
private enterprise, but 
life is still hard, writes 
. Christopher Bobinsid 

past had been told by state 
planners where to buy and sell. 


iron uicnc uuuuuis JldVC 

been eased, leaving state com- 
panies adrift with no experience 
of buying and selling. This Is 
where Unicum came in. 

Unicum has a turnover of 
Z135bn a year. With commis- 
sion of around 3 per cent it can 
afford to pay members like Mr 
Andrzej. Kaniewriti, sentenced 
in 1982 for leading a strike 
against martial law at the Ursus 
tractor factory, at least three 
times what he would have been 
getting at his old job 

However, . Mr Andrzej 
.Machalski. a former philosphy 
don at Warsaw University who 
spent time in prison for helping 
to lead an underground 
Solidarity group- Is now chair- 
man of Unicum. He Is keen to 
set up several limited joist 
stock companies ... 

These would deal in com- 
puters, provide design services 
or implement new technological 
ideas. The snag is that local 
government officials axe reluct- 
ant to give permission for them 
to start trading or producing. 



“ You have got to have a high 
profile. I like to walk down the 
street and recognise, and be 
recognised by, all the leading 
mebers of the community. It’s 
really a marketing job that I 
do.” He was pleased because 
the local newspaper had just 
printed a picture of him hand- 
ing over a Midland cheque to a 
town charity. 

Mr Harris has been to Stam- 
ford 20 months and expects to 
be there about five years. Being 
a branch manager is very much 
a family affair, with his wife. 
Honor, and three children sup- 
porting hi™ socially. He admini- 
sters about 4,000 accounts, in- 
cluding 400 business accounts 
divided between the town's 
small industrial community and 
fanners to the surrounding 
countryside. 

The basic chores of toe 
branch mean he has to spend 
several hours a day dealing 
with correspondence and fight- 
ing the mountains of paper that 
banking still creates (although 
electronics should eventually 
get rid of that). 

But he far perfers to be out 
and about, chatting with clients, 
getting Midland's name known 
and keeping tabs on projects 
be is helping to finance. As well 
as regular banking services, he 
promotes other facilities offered 
by the Midland group, such as 
lousing and merchant banking. 

On a typical day, he might 
drive out to talk over a loan 
plan for a farmer who wants to 
buy some land ( U I know he’s 
a good farmer. But we have to 
work out whether he can make 
it pay.”) His local industrial 
clients indude C&G, a go-ahead 
ready-mixed concrete business 
with a fleet of 30 computer- 
controlled lorries, and Pegasus, 
one of toe country’s few makers 
of horseshoes. 

They might need financial 
facilities to buy new equip- 
ment or just an overdraft to 
tide them over troughs in the 
cash flow. Several of bis clients 


have facilities running into 
millions of pounds. 

“ I know my customer. I know 
what he thinks. I almost know 
what bis next question is going 
to be.” And Mr Harris can 
never really be off duty. “If I 
meet someone in the street on 
Saturday, I can’t say ‘ Sorry, not 
today, I’ve got my holiday hat 
on’.” 

In his constant quest for 
business and market intelli- 
gence. be and the Midland 
branch have built up an 
Immense store of knowledge 
about the community. He 


1 like to walk down 
die street and be 
recognised by all 
the leading members 
of the community’ 


knows all the obvious things 
about his customers: how much 
they are worth, when their 
salary cheques come to and 
whether they are building ex- 
tensions to their homes. 

But a debit slip from a cash 
machine to France, for example, 
will tell him that someone has 
gone on holiday. Or the sudden 
ending of a joint account will 
alert him to a possible marital 
break-up. 

Each morning; he goes 
through a checklist of accounts 
that are at or near their credit 
limits with the help of his sec- 
retary, Linda Starbuck, a local 
lady who has been at the branch 
for 15 years. 

Should he bounce X’s cheque 
for £50? Perhaps not, because 
bis salary is due in three days. 
But Y. an aspiring but not suc- 
cessful b usinessman, has tried 
his luck once too often. As for 
Z, he got a loan to renovate 
his home and Mr Harris is 
watching his cheques carefully 
to ensure that the mones is not 


going astray. 

“If someone seems to be mis- 
behaving or to trouble, well 
drop them a line. Or if I meet 
them in the high street, I might 
have a quick word," Mr Harris 
says. 

But every community has its 
rascals and troublemakers. Now 
and then, Mr Harris will de- 
liberately strain the relation- 
ship to breaking paint to the 
hope that the client will give 
up and go elsewhere. But he 
also has to be on the alert for 
customers on the rebound from 
other banks. 

“Bank managers have a way 
of knowing," he says a little 
mysteriously. “But you are vul- 
nerable when you first arrive.” 
Confidentiality is a sacred tenet, 
although Midland’s terms of 
business allow it to disclose 
customer information to protect 
it« own interests. 

Before Stamford, Mr Harris 
worked to Midland’s Small Busi- 
ness Unit at headquarters in 
London! That taught him the 
potential for entrepreneurship 
but also educated him to the 
distressing absence of manage- 
ment skills to many new com- 
panies. 

“People don’t like to be told 
how to run their affairs. If 
someone comes in and asks for 
a fe wthousand pounds to start 
a business, 1 hve to be satisfied 
that they know how to manage 
It. And I am not going to lend 
money just because someone 
thinks he has a bright idea.” 

At the SBU, Mr Harris helped 
to write a series of booklets on 
how to prepare business plans. 

But does he not feel hard- 
hearted when he douses his 
would-be clients' enthusiasms 
or refuses to honour their 
cheques? 

"People think they are en- 
titled to credit, but they are 
not We try to give advice as 
to how people should negotiate 
their way out of their problems. 
But to the end, people must.be 
responsible if they borrow 
money.” 





> ■ '• • . ■ f> ; :W$: 





V • Mi ■ ' ■■:::< , "i 

r 'V. ^ 

$ | Jp% ■■■ < 

... 3- :: * : &V--, % ^7':^'"^ 


Trevor Humphrlu 

Simon Dale, «m«mg tw g director of Pegasus Horseshoes, 
and Steve Harris of Midland Bank. 


BY David Boehm - 

THE GOVERNMENT should 
give, toe defence electronics 
industry more of a lead fay 
setting out national techno- 
logical goals to be achieved 
jointly and by promoting inter- 
national collaboration more 
vigorously, the Ministry of 
Defence’s former-, heed., of 
research .said- yesterday. 

Sir Colin Fielding, who was 
controller of MoD research 
establishments until the end of 
last year, cited the Government- 
funded Ahrey research pro- 
gramme into information tech- 
nologies as providing just such 
a boost over the past four years 
to this fast-changing field. 

Sir Colin, now head of De- 
fence Technology Enterprise, i 
set ap recently to diffuse inno- 
vation from the defence to toe 
civil sector, was publicising his 
keynote address to an Inter- 
national Defence Electronics 
Exhibition being held in Brigh- 
; ton from September 21-23. 

The barriers separating de- 
fence and civil applications of 
information technology were 
lower than ever, Sir Colin said. 

“ Even toe riammuting environ- 
mental requirements set by de- 
fence are being matched to 
automobile electronics, process 
control, civil space satellites 
and many real-time office appli- 
cations," he said. 

The Government had decided 
earlier this year to restrain 
future growth in defence R & D 
so as not to place too great a 
demand on limited numbers of 
scientists and engineers. 

While acknowledging that 
there were “ well-rehearsed " 
arguments against cutting de- 
fence R & D because of pos- 
sible civil spinoffs, he pointed 
but that information techno- 
logy's “drive did not derive 
from defence requirements to 
the lead countries” such as 
Japan. 

Sir Colin said that those who 
complained that defence indus- 
tries tended to lock np their 
technology did not appreciate 
that “ a large percentage of 
Defence Ministry R A D fund- 
ing” was directed to specific 
project engineering. 

Sodete Generate 
de Surveillance 

sodETE- GENERALS de Sur- 
veillance of Geneva, which 
provides services for the 
inspection of goods, was 
incorrectly described as an 
insurance company to yester- 
day’s FT. 


You Know What Our Portfolio 
: Small Companies Made You In Bum ■ 
Now We re Looking Fi rther Afield. 



AY 

/. . v - • ** , 


ireUi in ImMufcnim of f -•! hj 

m HoJbom ht rm at fcwu l Sn gl l Companies Tha* " 

(Mxninrum U.OOO) at die hridal nfc price oft Op. 

Do you vfsb yo u r Inwmf id be p aid pc n^lnvesccdf In jAIhmiI tabaS 
Pfejsr nek Piid Q Reimcned [~~I 

If ‘Paid; do you ntih yoor tacotae to be sent fry Ag gpc o r crtdHcd to jwb 
bank account Hose tick deque O Bank Arrows T3 

\aiir tfceque should be made payable to Piudencnl Unit -post Manages, 
Limfrrd. Please complete ebr EbHcrwmgtn &LOCX CAPITALS. 


'Worldwide, to be precise. In 1985 we were awarded the Sunday week between 8am and 8pm. Or simply. 

After all, it was the only logical way to Tyegraph ‘Unit Trust Group of the 'lean cut the coupon, 
repeat the success of our UK Small A year later we received the Observer Today London, tomorrow the Wadd. 
Companies Trust unit trust award. "Ofierto bid bwiawidiine i nneigptmdfioni launch on J9Sqwmb« r MHAugl9IZ 

Hence our Holbom International But how does this equip us to deal with . [ — 1 

_ „ . rp <• j _ I TO: Mndd LJnu Tnsc Maugen Lfanind, _ i dn b rn T - 7 I 

omali Companies IrusL loreign markets; i freeposx <no ru» nquimo. nfad. Em I 

_ _ *■ . 1 r 1 ^ I . . | ICIiDLia:0M7»JJ77. Wm? I 

Offering similar potential for long- ' Quite simply, by managing over £25 j nmoMiuiaowiMaottuisaB j 

term capital growth as die UK version. But billion, the Prudential is one of die big^st i ^ 

this rime dealing with smaller companies UK investors in overseas markets. | ^^^^"^^^^lltoamdinadduoo^ ^ | 

around the world. With this, kind of clout, we can afford i If'PaiJ do you imh yonr taeomc to be aent bj die qoc o r credited to jour I 

_ 1 _ _ _ _ . . # -11JJ bank aeeoaBtPtow tide C3«que □ Bank AommtlQ > 

Be it in the US. japan, turope, or to have our own international knowledge j \w hik^c ua be made » Pn*wj | 

^ ^ I Litnbrd. Pksne complete ebr toll taring in BLOCK CAPITALS. J 

wherever an opportunity arises. gathering neewodc. j s ^ 0lWMa/ ^ ): j 

Of course the value of units and the So our investment decisions are based j RatNmcCfli I 

income horn them, may go down as well on first-hand information. Rather than | AMass: j 

“"F- seconi . — ^ — «gi I 

But research has shown, that a well- Enabling us to invest in small companies | ap „ m . | 

managed selection of smaller companies, before they taste success. Rather than after j r re(H}PR1CE0W ^l I 

can provide higher than average. returns. Interested? Well, the next investment j I 

And while past performance is no step is up to you. I jjtyfP I 

guarantee for the future^ our UK .Small For three weeks only the units will be I taflSE5SEPE2Stt ntka * * ‘W”' | 

Companies Trust grew hy 67%* in less than held at 5 Op each, I forohtce use only : I 

a year Widi a minimum investment of £1000. I — | . -n_k.il IAI ^ 

This exceptional result was not excep- Call us fiee of charge on the Holbom. I I lAL I 

tional for Prudential, however LinkUne (0800 010345) any day of the L 1 


j RcuNamc0)i. 


guarantee for the future, our UK .Small 
Companies Trust grew hy 67%* in less than 
a year 

This exceptional result was not excep- 
tional for Prudential, however 


HXEDmcEam i 

OF UMTS XT 

50p 

CUSBSEPESSOl 


IftbtttniBmtic gia awliBniottdiaaootnMMt I 
plait iroch die Dtbrr tmidulderlO tab out- I 
oon to dm application fe yo. f 

NOTE: A pnl l fai i nn s recdicd bf 2 Sd> September | 
1987 wd! fie dole at the fired pner ef 50p. Ate . 
ihat date, woo wffl be onloble H me doihr j 
qtmrd a&t pdrr appearing a die tu rt ood I 

ofier m»y due adier K dir Mungcn’ I 
dtacrecMi. » 


FOROERCE USE ONLY: 


CfBcnl In&imens Buying and itQidj nabw Ceotrorr nom are oenrnlly ieu avt by reemef part, yirofirptw wJ KJIew 

within 13 dan. Unha can bewld at il “ 

will normally be wade within J ±j*. r _ 

The Timci. die RnmcbiTimt»3aJ other m t1 j> ii al m.i[Mnu I . . R mu inrtaiion it paid tp qualified nwcnnttfarin and 

amtablepnrrq mg. TTierctna Initial rb^yO»^%oftb i. a ftc e pik cofuniBiAnangualimnggmmtcbaiptofBeH-ViMjoltne 

nIiuiidditiiiMbdediictedSi)n 0 VHiiwmM*ndiIloml(BrindiecRbi>andern>*rlclATiK'Tnit(Dc«i|<cnnl(»ainauauiin 


: of charge on the Holbom. j PRlJDEMmLit j 
K) 010345) any day of the [__ i^mg^_LnnKed | 

nflEdlow band duryofl^WamiritnTini animal rluiyi^^ralyetio die \bna « t t p> , a »iiing I rnpadnoodcc. Income: The tahial 

“ cubntrdpaBvield.atdieMtialoSnp'ierdfiOpBaOMb.lKimelida^iMMCHiTIuMaeaiidllHNtmeiolKruddMEat 

datiiburitn will be 21r May 198&. The Truce b Autho&«d be the Degtfnnmr oTTode and IndumpnieThm Deed coma 1 m 
noMW fisr the Muugm to dnl in Tnded Optum Mkium: Wdcnail Un* Tma Mamin Ltmkrd. RcgtaUKd in 
Eii^ind. No l7WhQ(k Mother nfUnitlrnH AnoelittoiL Hiatt* Midland BanklhwCoiBpaqj-Ijd.This afirh noc open w 
KsKbamaTEae. 






4 






Financial Times Saturday September 5 1987 


UK NEWS 


investors to 


pay £34m for 
Sphere Drake 


Peugeot 
returns to 


Nick Banker reports on growing company fears of vulnerability to foreign predators 


net profit 
in first half 


Looking for insurance against hostile bids 


By Kenneth Gooding, 

Motor Industry Correspondent 


Amts (£m) 

T#86 


BY NICK BUNKER 


ALEXANDER & ALEXANDER 
Services, the world’s second 
biggest insurance broker,- -has 
found a buyer for the London* 
based Sphere Drake group of 
insurance companies, which if 
acquired when it bought 
Alexander How den. the Lloyd’s 
insurance broker, in 1982, 

Alexander & Alexander said 
a group of investors including 
Sphere Drake’s existing mana- 
gers and Dai-Tokyo Fire and 
Marine, a Japanese insurer, had 
offered a price of £34m for the 
group, based on its estimated 
book value. 

The offer’s terms are com- 
plex, however, and would In- 
volve A & A in indemnify! Y? 
the purchasers against any 
further deterioration in Sphere 
Drake's results araislng from 
insurance business written be- 
fore 1986. 

The other investors in the 
group of purchasers are Centre 
Investors, an affiliate of Lazard 
Freres, the investment bank, 
and Electra, the British Invest- 


ment trust 

Alexander and Alexander 
said any estimated loss incurred 
on the disposal would be less 
than $lOm £6J2m). Subject to 
completion of documentation, 
A and A's management intends 
to recommend acceptance of the 
offer to the A and A board be- 
fore tiie end of September. 

Sphere Drake has required 
big infusions of capital from 
Alexander and Alexander at 
various times since 1982, be- 
cause of heavy losses arising 
from its involvement in North 
African casualty insurance. 

The Sphere Drake group in- 
cludes five companies alto- 
gether. They made a pre-tax 
profit of £2L38m in 1986, after 
a loss of £17 m in the preceding 
year. Thegroup has total assets 
of £226 .4m. The sale of Sphere 
Drake would mark “a signifi- 
cant step” in A and A’s global 
withdrawal from . insurance 
underwriting, said Mr Peter 
Tritton of Alexander Howden, 
Sphere Drake has been up for 
sales for some time. 


Traders complain 
about Connect card 


BY HUGO DIXON 


RETAIL CONSORTIUM, the 
shopkeepers’ trade association, 
has reopened the controversy 
aver Barclays Bank’s Connect 
debit card by writing to the 
Office of Fair Trading to com- 
plain about how the bank is 
treating small retailers. 

The consortium argues that 
Barclays is using its monopoly 
position in the credit card mar- 
ket to force retailers into 
accepting Connect at unreason- 
ably high charges. It says small 
retailers are being discrimi- 
nated against. 

The focus of the consortium's 
complaint is that Barclays is im- 
plicitly threatening any re- 
tailer who refuses to accent 
Connect which carries the Visa 
brand name, with expulsion 
from the Visa credit card net- 
work. 

“The risk of loss of custom 
to his competitors, particularly 
the large multiple, is one which 
[the smaller retailer] cannot 
afford to take,” the consortium 


said in a statement. 

Mr Michael Wflsey. of the 
consortium, said some retailers 
were therefore being pres- 
surised into accepting the card 
even though they thought the 
charges were too high. 

Mr Wilsey admitted that most 
large retailers bad negotiated 
satisfactory deals with Bar- 
clays. Some smaller retailers 
that had high-value trans- 
actions, such as jewellers and 
furniture stores, were also 
happy with the charges because 
their payment was guaranteed. 

Small retailers with low-value 
transactions averaging less 
than £10 each were not happy, 
he claimed.- They were pay- 
ing I8p-25p for each transaction 
compared with about 12p for 
cheque processing, and saw few 
extra benefits from Connect. 

Barclays denied using threats 
of expulsion during its negotia- 
tions with retailers over Con- 
nect. It said most retailers had 
accepted the card. 


PEUGEOT TALBOT, the UK 
subsidiary of the French 
vehicles group, made £5.7m net 
profit in the first half of this 
year. Mr Geoffrey Whalen, 
managing director, forecast 
yesterday that a modest profit 
for 1987 as a whole would 
follow. 

, In the first six months of 
1986, Peugeot Talbot lost £8Bm. 
For the full year, the loss was 
£149m. 

Mr Whalen hoped the com- 
pany would be profitable in 
1987 although it had bad to 
cover the costs of two significant 
changes in the second half. 

Peugeot Talbot is to close its 
operation in Coventry, which 
makes kits for Iran, with the 
loss of the last 50 jobs. The 
Iranians were unwilling to de- 
vote any resources to the state- 
owned Peykan car venture. 

At the same time, the com- 
pany faces the one-off cost of 
putting the Peugeot 405 model 
into production at Ryton, near 
Coventry, by October and 
launching it on the UK market 

However, benefits have come 
from a strong performance in 
■the UK new car market 
Peugeot TalboFs share in the 
first haU improved to 4.7 per 
cent from 4.4 per cent in the 
same period of 1986 and in 
August it achieved 5.4 per cent 

“We expect to hold the 
August level for the rest of the 
year,” said Mr Whalen. 

Peugeot Talbot's first-half 
turnover, which improved from 
£3 13 -6m to £372J5m although It 
sent 7,000 fewer kits to Iran, 
was helped not only by 
improved car sales in the UK 
but also by some exports of 
the 309 model to Belgium, the 
Netherlands and West Ger- 
many. 

There was an operating profit 
of £9 .3m in the first half com- 
pared with a loss of £3 .2m in 
the same months of 1986. Net 
interest cost fell from £5Jm to 
£3.6m this year. 

Hr Whalen said Peugeot 
Talbot could expect a continu- 
ing improvement In its financial 
results in 1988. 

He said the company, which 
has made a profit in only two 
of the past 15 years, “can look 
to a profitable future.” 


(whatever HES plans for by winding up its insurance equity & LA W INVESTMENT 

Equity and Law, the life assur- operations and unlocking its ^ portfolio 

ance group, Mr Ron Brier ley, surplus investment funds. - - 

the New Zealand entrepreneur, Scottish life beat off the Assets (£m 

has made history. He may also challenge by the_drastic move J 

have brought to a climax —generally regarded as unpos- uk Main Fund: 
anxieties felt by some of the sible today — of passing a British government 

UK’s biggest insurance com- private Act of Parliament to securities 
p anies about their vulnerability turn itself into a mutual com- other fixed interest 

to foreign predators. W owned by policyholders. investments 

Not since the late 1969s, when The lack of bids is partly to ^ lova 
Mr Jim Slater was named most “0 with regulation. The Iwm Equities UK 

often as a potential bidder, has Insurance Companies Act Overseas 

a British life company been the imposes strict limits on what Properties UK 

target of a hostile takeover, a bidder could do to draw extra Overseas 

Eagle Star was ttie_ subject of a E«“» SuhAJS: ^et current assets 

bid battle in 1982-83 between Equity & Law^s £3-5bn invest- Other assets. heM for: 

Allianz, the German insurer, m ^ t P 01 ™! 0 - - ■ Unit-linked 

and BAT Industries. However law, life, companies have business 1 


securities 4ffl 

Other fixed interest 
Investments 
{ess loans 145 

Equities UK 815 

Overseas 314 
Properties UK 342 

Overseas 36 
et current assets 47 


spectre of Jim Slater has con- Marine & has a market 

4T tinned to haunt the minds of capitalisation inflated by Japan’s 

some life assurance companies, rising stock market to a figure 

Not even Equity and Law six times that of the 

1985 was comparing Mr Brieriey Royal Insurance. . 

yesterday to Mr Stater. Bylaw; ^ partly respoasflde 

he will have to have D£T f jjj Bowler's public inter- 

« SSS3K —taw" 


three months to obtain as a Transatlantic controversy.' Then, 
fit and proper person to run ^ backed Sun Life’s manage- 
Equity and Law, once his share- against a demand for 


105 merit against a demand for 

643 per $?“!•.. board representation from fy 

234 Mr Brierley is well shareholder, Trans- 

329 lished in the insurance busmen Jllantie. which is 48 per cent 


31 m New Zealand, however, and j,y Liberty Life o£ Sooth 

could use that as evidence of 

hisreputation. Not every insurer shares Mr 


and BAT Industries. However 


Eagle Star was primarily a non- to set a “ participation rate,’ 


life Insurer which governs how much of 

The last actual case was 

nearly 20 years ago, when ^ 1 ^3^2 d L5i* p S c ffi!S*5 


Unit-linked 
• business 
Other overseas 
business 


Natimiale SSr^en. 90:10 10 


rationale iveaenanoen. .me «yf iani»r 

° f A successful bidder could Act says the DTI can intervene battle. Mr 'Geoffrey Bowler, ££££*“ in 19 s5“o£ Jackson 
Life Association of Scotland. ^ t0 dra W out more money — and even withdraw the insur- fanner chief general manager National a US life assurer. 

A more interesting case was f or shareholders by changing ance company’s authorisation— of Sun Aliance, the composite general 

that of Scottish Life, which in the participation rate in toeir If Its new controller appears insurer, has been unsuccessfully hSw wer^fde nutation 

1967 discovered tnat one of Mr favour. But he would have to likely to fail to fulfil “the seeking some measure of pro- election, however, a deputation 


successful bidder could Act says the DTI can intervene battle, Mr 


hisreputation. . Not every insurer shares' Mr 

What has. Bowler’s strong views, and most 

820 5? £ e Ufa tend to feri that protection 

ing to asset-strip a ufe 3gaiTMf foreign takeover is 

224 company has become mixed up impractical One diffi- 

with another, fear— the worry cult £ fg that British companies 

2 jj 9 \ that British insurers are vm- ntg ri-ro making overseas acqni- 

nerable to foreign bidders. sitions themselves,- such as 
Ever since _ the Eagle Star Corporation’s pur- 


JLCh All Biiius ui mint; jrcauiu- iu private, uc 7-" -7 — ~ «_ + u 

It feared that Mr Slater by more than * per cent a year, tions, which actually date only from Japan, whose biggart ^ to nwjresra roe oowrn- 
mid “ asset-strip * its funds Further, section 37 of the from the early 1970s, the general insurer, the Tokyo ment was aware of roe issue. 


1 asset-strip 


Brierley threatens shake-up with Equity & Law bid 


MR RON BRIERLEY believes 
that parts of the British In- 
surance Industry are due for 
a shake-up, writes Terry 
Povey. 

Commenting yesterday on 
the reasons for fais Equity and 
Law bid, Mr Brierley said the 
company was “a mutually 
ortentea operation, paying 
little attention to its share- 
holders.” 

Brierley Investments. New 
Zealand's second largest com- 
pany with a market value of 
about £2bn, began haying in 
to E & L 18 months ago at 
around 23$ p. Since then, U 
has paid about £90m for a 
29.96 per cent stake — the 


equivalent of 385p a share. 

The group had built up its 
holding, mainly by purchases 
from funds managed by War- 
burgs, because it viewed E&L 
as “dean — a pure life busi- 
ness without complications.” 

“ It bad the beauty of sim- 
plicity, good value with some 
speculative possibilities as 
well." 

Mr Brierley said the New 
Zealand group’s interest in 
E&L centre on the "quan- 
tum of funds under manage- 
ment,” tiie prospects of an 
improved return and E&L’s 
good name. 

Asked if the tough regu- 
latory regime surrounding 


life companies was a difficulty, 
Mr Brierley said the regu- 
lations were . “nuisance 
aspects hut not obstacles to 
a considerably improved 
investment performance.* 9 

E&L’s £3itm of Invested 
funds ought to he producing 
more than a £7m profit for 
shareholders, he added. 

On the ride of actuaries, 
usually seen as the real 
powers In the life assurance 
business, Mr Brierley said the 
growth of unit-Unked peltries 
and the age of computerisa- 
tion meant that the role of 
actuaries today was much 
ex ag ger at ed. 94 1 accept that 


the rules do not yet reflect 
this,” he added. 

"Hie whole philosophy of 
thin industry has to change, 
The *i»mc after the savings 
pound Involves an the In- 
vestment alternatives, life 
policies Included, In a 
common battle.* 9 

What about policyholders? 
“Our investment record is 
their best protectio n - E&L, 
even by conventional means, 
could do a lot better once 
the operation Is streamlined. 
IT this was an engineering 
company I might have to hire 
in extra people to tell me 
what to do— but I know 
what's needed hi an invest- 


ment business,” Sr Brierley 
said. 

He viewed the 36Sp cash 
offer as at the “top of any 
reasonable range** for E&L 
but said the ultimate deter- 
minant of price was what 
someone was prepared to 
pay. "A Japanese insurance 
company, for example, might . 
pay a lot to get info the UK 
market Just because It takes 
a very long-term view of the 
industry.” 

Brierley Investment’s wily 
Si gnifican t involvement In 
insurance is a 32 per cent 
stake in NZI Corporation, the 
loading Austr alasian insur - 
ante and banking group. 


Vitrified nuclear wastes 
‘should travel in 1990’ 


‘Big three’ car makers 
lost ground in August 


GEC ‘black 


BY DAVID RSHLOCK. SCIENCE B>ITOR 


BY JOHN GRIFFITHS 


Britoil plans 
Manchester 


Glaxo opens 
two ulcer 


drug plants 


By Lyn ton M cLain 
GLAXOCHEM, the manufactur- 
ing subsidiary of Glaxo, opened 
two pharmaceutical plants yes- 
terday in Scotland to double 
production of its drug for treat- 
ing ulcers. 

The plants, at Montrose, 
Angus, and Annan, Dumfries- 
shire, were built for £63m in 
tbe past three years, Glaxo’s 
largest single investment They 
make ranitidine, the active in- 
gredient in treatment of peptic 
ulceration. 

Glaxo claims that the Zantac 
drug, based on ranitidine, is the 
largest-selling pharmaceutical 
in the world. 

The drug was launched six 
years ago from a plant at Mon- 
trose. 

The new investment, and 
other projects, created 90 jobs 
at Annan and 30 at Montrose. , 


Motorway plan 
to ease queues 
In Bi rmingham 


test drilling 


Financial Times Reporter 


Financial Times Reporter 
FLANS FOR a motorway to 
-help to relieve congestion in 
the Birmingham area were pub- 
lished yesterday by the Depart- 
ment of Transport. 

The proposal is for a 38-mile 
three-lane motorway to run 
from the M54 at Featherstone 
in Staffordshire, on a line close 
to the A5 around Birmingham, 
to the M42 junction near Curd- 
worth In Warwickshire. 

Mr Peter Bottomley, the 
Roads and Traffic Minister at 
the department, said the draft 
proposals for tbe new Birming- 
ham northern relief road were 
M a significant step towards 
easing the traffic problems in 
the region.” 

Work on the new road 
might begin in four years, sub- 
ject to consultations, objections 
and representations. 


BRITOIL, tiie largest of the in- 
dependent UK oil companies, is 
reviewing plans for test drilling 
in central Manchester after 
analysing seismic data collected 
last year. 

The company said exploratory 
drilling would not start until 
the latter part of next year. It 
would depend on a firm decision 
by the company and consulta- 
tions with the local authority. 

If the drilling were to go 
I ahead, it would be the first in a 
UK city centre, although test 
wells have been sunk in Paris 
| and there Is one oil-producing 
well in Los Angeles. 


TRANSPORT OF vitrified, high- 
ly radioactive nuclear wastes 
will probably begin about 1990, 
Mr Bert Curtis, managing 
director of Nuclear Transport, 
told toe annual conference of 
tbe Uranium Institute in London 
yesterday. 

Transport requirements were 
similar to those far spent nuc- 
lear fuel— except that the vitri- 
fied waste was non-fissile — and 
presented “ no problems which 
have not already been solved,’ 9 
Mr Curtis said. 

Vitrified waste from plants 
at Sellafield in Cumbria and 
La Hague near Cherbourg 
would be transported in 100- 
tonne containers, which are 
similar to the flasks for spent 
nuclear fueL 

The British and Freneh con- 
tracts for reprocessing over- 
seas fuel have clauses requir- 
ing the country of origin to 


take back the vitrified wastes 
for storage. 

Mr Curtis said flasks for 
transport were being designed 
in Eurqpe and Japan, with capa- 
city for 21 waste containers 
each weighing 500 kg. 

TheT nuclear transport indus- 
try was a small but vital part 
of the phc-Imt industry, Mr 
Curtis said. . It employed about 
700 people worldwide, 

A typical 925-megnwatt nuc- 
lear reactor produces 393 tonnes 
of low-level radioactive wastes, 
802 tonnes of intermediate level 
waste packaged in concrete or 
bitumen, and 9 tonnes of high- 
level radioactive wastes a year. 

Servicing such a reactor also 
required annually the transport 
of 105,000 tonnes of uranium ore, 
52 tonnes of new fuel assemb- 
lies, tiie same amount of spent 
fuel, and 019 tonnes of pluto- 
nium. 


TEE UK’s “big three" car pro- 
ducers each lost market share 
in August’s record new car 
sales boom, compared with a 


year ago. 


Statistics from the Society of 
Cotor Manufacturers and Tra- 


Motor Manufacturers and Tra- 
ders show they lost ground 
primarily to Peugeot Talbot, 
which had its best sales month 
since 1978, and to Continental 
importers including Peugeot’s 
'sister company, Citroen and 
Fiat ’ 

The Italian company's 16,580 
sties and 447 per cent marker 
share were its highest ever for 
a single month. 

Peugeot Ttibofs performance 
saw tiie imported Peugeot 205 
reach eighth in the top 10 list 
of August best sellers- Had it 
sold 64 more of the 309, the UK- 
built car would have taken 10th 
place from Rover group’s Mon- 
tego. 

Citroen’s August registrations 


were up S3 per cent on a year 
ago. It finished the month with 


Britoil said that although 
drilling rigs were large, toe | 
difficulties of drilling in built- 
up areas were not insuperable, 
provided a large enough site 
could he found. 

Oil companies have not 
recently been doing much ex- 
ploratory drilling on the UK 
maintained because of relatively 
disappointing results after the 
discoveries at Humbley Grove 
and Wytch Farm in the south. 


Laker appeal rejected 


Southport plans shopping, 
hotel and leisure complex 


BY IAN HAMILTON FAZET, NORTHERN CORRESPONDENT 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


AN ATTEMPT by pilots and 
other former employees of tbe 
now liquidated Laker Airways 
to bring anti-trust proceedings 
against British Airways and 
other transatlantic airlines, 
after Laker’s collapse in 1982, 
has failed. 

Tbe US Court of Appeals for 
the District of Columbia has 
rejected an appeal by the 
former Laker employees against 
an earlier decision against them 
by tbe US District Court. 

The pilots and otber em- 
ployees had sought damages 
under the US anti-trust laws, 
on the gorund that they had 


suffered financially after Laker’s 
collapse as a result of alleged 
actions against that airline by 
BA and other Atlantic 
operators. 

The earlier allegations, that 
BA and other airlines conspired 
to drive Laker out of business, 
were settled in July 1985, by an 
out-of-court payment of $48m 
by BA and other airlines to the 
liquidator of Laker Airways. 
The airlines paid another $8m 
to Sir Freddie Laker (former 
chairman of Laker Airways), 
and $8m to Sir Freddie’s and 
the liquidator’s lawyers. 


Courts co-operating 
with DTI investigation 


By Our Financial Staff 


NATIONAL Westminster Bank 
said yesterday that Courts & 
Co, its prestige banking sub- 
sidiary, was cooperating “to 
the fullest possible extent " 
with a Department of Trade 
and Industry investigation. 

Tbe Investigation Is believed 
to concern possibl e ins ider 
trading in shares of WPP, tbe 
advertising group, in which a 


10 pe rcent stake was acquired 
by Saatchi and Saatchi in 1985. 


THE NORTH-WEST seaside 
town of Southport yesterday 
1 announced plans for an £80m 
shopping, hotel and leisure 
complex with which retailers 
hope to combat threatened and 
growing competition from out- 
of-town shopping malls. 

The scheme — which would 
recreate in modem style 
Southport's long - vanished 
Winter Gardena— totals 000,000 
sq ft and would occupy a 10- 
acre site between the sea front 
and Lord Street, the town’s 
conserved, elegantly canopied 
and arcaded Victorian- 
Edwardian shopping thorough- 
fare. 

Completion is forecast for 
mu when 2,000 jobs would 
have been generated, includ- 
ing 500 on construction. 

Planning permission for the 


almost certain. However, Sibec 
disclosed that it had yet to put 
together - a consortium to 
finance the project, although 
it bad already assembled and ; 
bought nine-tenths of the land 
required. 


2B7 per cent, helping the Peu- 
geot group overall read; 8 per 
cent-plus of the market for the 
first time. 

With the 405 medium saloon 
due to go into production at 
Ryton this year, the French 
group's hope of securing 10 per 
cent or more of tbe market is 
appearing increasingly justified. 

As- the table shows. Ford re- 


mained the clear market leader. 
However, while its and Vaux- 
hall’s market share fell, ■' only 
Rover group of the “ big . three ” 
saw both its share and unit sales 
decline to a month where total 
registrations were up 6S? per 
cent on the previous August. 

In spite of tiie success of 
the “ traditional ” importers 
such as Audi/Volkswagen and 
Fiat, the total share taken fay 
Imports Tell by 4J& percentage 
points. 

- The SMMTs figures show a 
drop of over 1 percentage 
point; to 10.28 per cent, in the 
August share taken by Japanese 
imports. 

The 407JS8S registrations last 
month, certain to be over 20 
per cent of the year's total sales, 
are likely to focus fresh atten- 
tion on a Government-organised 
working party examining 
whether the registration system 
should be revised to reduce the 
August sales bulge. i 

The “top 10" best-seUeis in , 
August were 1 Ford Escort: 
33,144, 2 Ford Fiesta 31,588, 

3 Rover Group Metro 24£S7, 1 

4 Ford Sierra 24,441, 5 Vanxhafl 
Astra 20,707; 6 Vauxhall Cava- 
lier 17,721, 7 Ford Orion 12,164, 
8 Peugeot 205 11,480, 9 Vauxhall 
Nova 9,719. 10 Rover Group 
Montego 8,979. 


box’ fights 
soccer thugs 


By Philip Coggan 


Mr Mike BlrehaH, Slbec’s 
chief eexcutive, said the com- 
pany would rely on shortterm 
finance to begin work next May 
and then negotiate longer-term 
funding with banks and institu- 
tions- Sibec has been involved : 
in projects worth a total of 
£400m around Britain, the 
largest single one of which to 
date is worth £25m. 


Ridley approves plan fw 
big M25 shopping centre 


BY WILLIAM COCHRANE 


LONDON’S first big out-of-town 


shopping centre, which might be 
worth £150m to £200m on com- 
pletion, gained political 
approval this week. 

After the public inquiry in 
January this year, Mr Nicholas 
Ridley, Environment Secretary, 
granted outline planning con- 
sent for the Lakeside Shopping 
Centre adjacent 1 to Junction 31 
on the M25 at West Thurrock, 
just north of the Dartford Tun- 
nel. 

Construction at Lakeside, 
where there is already extensive 
xetall warehouse development, 
is likely to start in the second 
half of 1988. The centre Is ex- 
pected to open for trading two 
years later. 

Capital and Counties, known 
as a top-grade retail developer 
and Pearson, the landowner, will 


by Saatchi and Saatchi to 1985. 
Tbe DU said it did not 
comment on its inquiries. 


scheme, launched jointly yes- 
terday by Sefton Borough, the 
local authority, and Sibec, a 
Manchester developer, appears 


Sefton and Sibec are hoping 
that the scheme will not be 
called in for a Department of 
the Environment inquiry, which 
happens automatically with pro- 
posals for large, green-field 
retail malls. The retail element 
is 350,000 sq ft and they argue 
that the project is urban, not 
out of town. 


Labour left wing plans its own conference 


develop the scheme as a joint 
venture. The centre will pro- 
vide more than 1.15m sq ft of 
shopping, 8,000 parking spaces 
and leisure facilities on an 80- 
acre site. 

The approval signifies little 
to the string of developers seek- 
ing permission for similar 
centres around the M25 orbital 
motorway, since the Thurrock, 
site is not on protected green 
belt land. I 

My John Abel, a director of i 
Capital and Counties, said: *Tn 
that respect. It is different to 
all the schemes I know about i 
which are being promoted for i 
the M25." 


Successive environment sec- 
retaries have emphasised that 

this Government’s priority is to 
protect green belt land. 


GEC, ONE of the most familiar 
names in British industry, is 
attempting to tackle one of 
Britain’s, most familiar past- 
times: football hooliganism. 

A trial scheme at' Derby 
County, the First Divirion soccer 
club, is using what GEC calls its 
electronic "black box.” 

Scheme members are given a 
key which they insert in the 
box on entering the turnstiles 
and paying. 

If the member is genuine, the 
gatekeeper sees a green light 
and the fans can enter the 
ground. If not, a red light 
appears and a potential trouble- 
maker can be denied entry. 

Each key Is coded. The system 
allows for codes to be changed 
so that a possible troublemaker 
provokes a red light. The system 
prevents the same key from 
being used by two separate sup- 
porters to gain entry to the 
same march . 

A black box costs between 
£1,500 and £2,000. Each turn- 
stile can handle about 1,000 
keys. If keys were sold to sup- 
porters for £2 each, the system 
could be self-financing. 

GEC developed the system 
from its Guestkey equipment; 
used in the Grand Hotel at 
Brighton after the bombing 
during the Tory conference in. 
October 1984. it is now market- 
ing a portable version that 
clubs can take to their opposi- 
tion's grounds, allowing them to 
create a safe area for thels sup- 
porters. 

Derby County’s Stuart Webb 
Is delighted with the system. 
“Security-wise, it’s first-class, 19 
he says, “ We’ve created an en- 
closure where people can feel 
able to bring their families, wnd 
we’ve been able to cut back on 
policing.” 

It remains to be seen if GEC 
will attain its goal of nationwide 
acceptance of the box. 

There is, it admits, nothing to 
prevent a troublemaker from 
borrowing a key from a friend 
to gain admittance, even though 
both fan s cannot watch the same 
game. 

ms °y dubs dragging 
their feet over introduction of 
membership schemes, It might 
be some time before the box 
turns all soccer hooligans “Sick 
as a parrot” 


BY JOHN HUNT 


A CONFERENCE to draw up a 
revised programme of left-wing 
policies is to be held in Chester- 
field, the constituency of Mr 
Tony Bezm, three weeks after 
the Labour Party’s annual con- 
ference in Brighton. 

It will be seen as a counter- 
attack by the left against the 
policies being advocated by Mr 
Bryan Gould, Labour’s cam- 
paign coordinator during the 
election, who has been urging 
the need for the party to occupy 
the centre ground of politics. 

But yesterday Mr Benn said 
it would be a campaign for 
ideas and was not an attempt by 
the left to capture the internal 
machinery of the party. 

“If we are going to have a 
policy review then it needs to 
have a strong Socialist Input,” 
he said. 

The conference, which is ex- 
pected to draw at least 500 
people, has been called by the 


left-wing Campaign Group of 
MPs, of which Mr Benn is chair- 
man; the Socialist Economists' 
group; and the Socialist Society. 

Trade unionists, including Mr 
Arthur Scargili, president of 
the National Union of Mine- 
workers, and representatives of 
constituency parties will attend. 
Others from outside the Labour 
Party, including Mr Dafydd Elis 
Thomas, the Welsh Nationalist 
MP, will be there. Both Mr 
Thomas and Mr Scargili are 
among the sponsors. Political 
figures from eastern Europe 
have also been invited. The de- 
cision to hold such a gathering 
after the official annual con- 
ference is likely to anger the 
Labour leadership. But the 
organisers deny that it Is in- 
tended as an alternative con- 
ference of the left. 

They hope further similar 
meetings will be held in other 
regions. 


Ur Jeremy Corbyn, Labour 
MP far Islington North and 
secretary of the Campaign 
Group, said the aim was to 
present the “real alternative 
of socialism rather than the 
retraction going on at tiie 
present time.” 

Writing in Campaign Group 
News issued yesterday, Mr 
Benn attacked the “defeatism” 
of those who believed that the 
working class was disappearing 
and socialism was in terminal 
decline. He criticised them far 
advocating some form of 
electoral alliance or coalition. 

Such a strategy was highly 
unlikely to win a parliamentary 


majority> he said. Socialists 
must therefore urgently reach 


must therefore urgently reach 
agreement on a serious alter- 
native to the current right- 
wing consensus in British 
politics. 

The conference will be held 
in Chesterfield on October 24 


and 25. There will be a rally 
on October 24 addressed by 
Mr Scargili, Mr Ken Living- 
stone, former GLC leader who 
is MP for Brent East, and Ms 
Rebecca Johnson, of the 
Campaign for Nuclear Dis- 
armament. 

• The fall agenda for Labour’s 
annual conference, to be held 
from September 28 to October 
2, will be published tomorrow. 
But according to Labour 
Weekly, the party's newspaper, 
published yesterday, the debate 
on policy will centre round an 
amendment from Nnpe, the 
public employees' union. It 
calls for a review designed to 
make Labour policies attractive, 
imaginative and responsive. 
The paper also says that the 
National Executive will be 
proposing that party member- 
ship subscriptions for indi- 
viduals be increased by about 
6 per cent 



m 


FINANCIAL TIMES 
CONFERENCES 


WORLD MOTOR 

CONFERENCE 


10 & 11 September, 1987 

FRANKFURT 


rfflmr rflimmr IfcfflafiCnfwEMrfaii'Qjmw^ 




1 “ iQ^nerymvoiM'bushmascani five. 

Financial Times Conference Organisation 

Minster House, Arthur Street, London EG4H 9AX. 

Anemativefy, mrAnne 0 US 2 \ 1355 telex 27347 FTOONf G - Tax (M - 623 8314 






>0i i 




t— '- .3 w 
tfuli Vi’ji 

._s 




u ; _. " 







tes v 


FmaiKM Times Satiiniaj; September 5 1987 


Pre % 


UK NEWS-LABOUR 


£r?^ 

-I? ** 

*S1 

sa;-:- <• 
* 

» l ;££J 

** K ‘ 

J2 re i?a“*!.i 

asss; 

Tr>u '■'fc 

^ "cjjj : 
*, .5?^ 

■* '-Sr?. 14 

■It,. *i; 

:-V" '^ l *v 

s ?**£3 


V J' » i-ftl* 


, -t -fe 

,? ? A 
* ?r ^ 
Pnjt 

! or e^f 

t0 neTta. 
a « beeaSi 
, a *- J e*a »ia‘ 

■ ‘aieg^ 

: in,>, 

. « a a 1 
'/J Ce:;^ 
:«««*£ 
j oai g , 

er tfac 


Electricians’ no-strike deal defies TUC pact 


BY PHBJP BASSETT, LABOUR EDITOR 


LEADERS of the EETPU elec- 

tri ciami* union have signed a. 

new strike-free, single-onion 
deal in spite of the Informal 
pact by the TUC General Coun- 
cil voluntarily to limit reaching 
such agreements while- 4t - is 
carrying out its planned review 
of union organisation. 

The signing of the new deal 
with an electronics company in 
South Wales immediately puts 
under strain unions* willingness 
to modify their conduct while 
the TUC review, which its 
annual Congress in Blackpool is 
expected to approve on Monday, 
is under way; 

News' of the new deal is 
likely to add to sharp criticism 
of the electricians* deals which 
is expected to be voiced at the 
TUC next week.- 

South Wales officials of the 
EETPU signed the deal this 
week with Mechanical Industries 
(Wales), a. newly established 
electronics components company 
based in Briton Ferry near Fort 


Talbot^ which manufactures 
video recording heads and other 
parts for companies like Hitachi 
and Orion, with which the 
electricians also have strike-free 
electricians' also have strike- 
free, single-anion agreements. 
Local officials of the TGWU 
transport onion competed with 


the EETPU to reach an agree- 
ment with the company, but the 
electricians believe their deal 
— which features the strike-sub- 
stitute mechanism, pendulum 
arbitration— is unlikely to be 
referred by the TGWU to the 
TUC’s inter-union disputes com- 
mittee, since they claim the 


TGWU had no members at the 
previo usly no n-union company. 

The EETPU will also defend 
Its deal because the agreement 
was put this week to a ballot 
of the company’s 100 -strong 
workforce. Of those taking part, 
57 ($5 per cent of those vot- 
ing) agreed to accept the deal. 


Move to set up equal rights department 


THE TUC looks set to establish 
for the first time an equal 
rights department in a move 
designed immediately to defuse 
a passible row at next week's 
TUC Congress over a call to set 
up a women’s department. 

Leaders of the health service 
union Cohse are asking the TUC 
to set up within Congress 
House, the TUC’s headquarters, 
a separate department staffed 
by women and solely to deal 
with women’s issues. 


Mr Norman Willis, TUC 
general secretary, made clear to 
the TUC General Council in 
Blackpool that such a move 
might place the TUC in conflict 
with the equal opportunities 
provisions of employment law. 

Instead, Mr Willis drew up a 
statement to be presented to 
next week’s Congress proposing, 
without any conditions on staff- 
ing, the establishment of a pro- 
perly resourced equal rights 


department before next year’s 
TUC women's conference in 

Although some Cohse officials 
had been adamant the union 
would not accept the notion of 
an equal rights, as opposed to a 
women's, department, the union 
supported the statement when 
the General Council hacked it 
by 34 votes to 1, the opposer 
being Mr Arthur Scar gill, presi- 
dent of the National Union of 
Mineworkers. 


and 10 (15 per cent) \rited 
against. 

The signing of the agreement 
is a clear indication that the 
EETPU intends to continue 
making its controversial strike- 
free deals where possible. 

Mr Wyn Be van, EETPU exe- 
cutive member for Wales, said 
of the TUC's informal agree- 
ment: “I am not involved in 
the machinations taking place 
nationally in the TUC. U an 
employer, and employees after 
consultation and in a secret 
ballot, wish me to conclude 
agreements of this sort which 
bring more industry into South 
Wales, Z will do so.” 

The company said it was 
“extremely pleased” with its 
deal with the electricians. Mr 
Andrew Goodwin, personnel 
manager, said: “We wanted to 
have a union presence, but we 
also wanted a sensible union 
arrangement — and all the signs 
were tbat the EETPU would be 
able to offer that.” 


Employers 9 pay move 
angers lecturers 

BY DAVID BRINDL& LABOUR CORRESPONDENT 


Training call by civil servants 


A MOVE by the employers to 
break the deadlock in' the long- 
running college -lecturers? pay 
dispute has sparked a row both, 
with the lecturers' union and 
among education authorities. 

Mr John Peatman, the former 
Labour employers' leader, has 
accused the Labour-led nego- 
tiators of “ a classic ploy used 
by Tory ministers [that is] con- 
trary to the basic principles of 
good trade union and labour 
relations." 

He refers to a decision by the 
the empoiyers’ leaders to. pub- 
lish and send to lecturers, via 
education authorities, a phased 
pay offer worth an overall JL3 
per cent. 

Natfhe, the lecturers’ union, 
said yesterday that fc was not 
consulted or informed about the 
move. Mr David Triesman, its 
negotiations officer, sadd: “Any 
attempt to go over the heads 
or around the backs of trade 
unions will Inevitably deepen a 
dispute.” • 

Mr Pearman, leader of Wake- 
field District Council, said: *T 
believe unilateral action such; as. 
this will only Inflame an already 
volatile situation.” 

Lecturers want a rise to keep 


abreast of schoolteachers and 
university dons. The offer, 
worth 7JL per cent, is tied to 
changes in work practices so 
that colleges and polytechnics 
can offer more flexible training 
courses for industry. 

Natfhe banned overtime in 
the past two terms and plans 
more disruption, possibly by 
trying to snarl up college 
administration as the academic 
year starts tht« autumn. 

Mr Pearman is asking the 
main local authority associa- 
tions to refer the dispute to , 
Acas, the conciliation service. 
“Under no circumstances " will 1 
he allow the employers’ leaflets 
to be circulated in Wakefield 
colleges. 

The office of Mr Neil Flet- 
cher. who succeeded Mr Pear- 
man as employers’ leader in 
the further and higher educa- 
tion sector, said it was ex- 
tremely important that indivi- 
dual lecturers had access to 
full details of a “ generous 
offer." 

In a coup earlier this year 
Hr Fletcher also succeeded Mr 
Pearman as employers* leader 
in the -primary and secondary 
schools sector. 


BY OUR LABOUR STAFF 

CIVIL service union leaders 
yesterday disclosed a “horrify- 
ing” catalogue of violence 
against civil servants at work, 
including a CS gas attack 
against a benefit office, fire 
bombs, a rape and a murder in 
government establishments. 

The Council of Civil Service 
Unions, representing 500,000 
white-collar civil servants, 
called for urgent talks with 
the government on the problem, 
and demanded new training 
procedures be brought in 

The CCSU revealed the level 
of violence claimed against 
staff following a seminar on 
the issue by >11 its unions 


which brought forward cases of 
violence in every government 
department apart from the 
Stationery Office. 

A CCSU statement said: “At 
one extreme, civil servants 
have been murdered, raped, 
their offices fire bombed and 
wrecked. But it is an everyday 
occurrence that civil servants 
are abused and threatened, both 
at and away from work, simply 
because of the job they tty to 
do on behalf of the govern, 
jnent” 

Though the CCSU did not 
want to disclose the names of 
individual civil servants in- 
volved, i flirted a number of 


prominent cases: an unemploy- 
ment benefit office in the 
north in which a disgruntled 
claimant sprayed CS gas on 
the staff; a fire bomb in a 
Leeds benefit office; a tax 
collector attacked with a 
hammer while working in 
London’s Hatton Garden 
jewellery area; a rape of a 
staff worker at a DHSS custo- 
dial centre; a murder, some 
years' ago, of a DHSS visiting 
officer. 

Mr Charles Cochrane, CCSU 
assistant secretary, said the 
unions had bee nsurprised the 
violence was not restricted to 
deprived inner city areas. 


Pension fund may quit SA 


BY DAVID BRINDLE, LABOUR CORRESPONDENT 


PENSION FUND trustees in 
membership of the . GMB 
general union met yesterday to 
plan co-ordinated pressure on 
their funds to end Investment 
in South Africa. 

About 60 of the GMB's 170 
fund trustees attended the 
Manchester conference, des- 
cribed by file union as the 
first of its kind. 

Mr John Edmonds, flWB 
general secretary, told the 
conference that research car- 
ried out for the union had 
shown that British companies 


in expanding economic sectors 
were employing a dispropor- 
tionate number of white 
workers in South Africa. 

He said the unpublished 
research demonstrated that 
more whites than blacks had 
been employed between 1078 
and 1983 by several leading 
finance and insurance com- 

e anies and by at least one 
igh-technology manufacturer. 
Mr Edmonds said. “ This 
blows apart the argument that 
black people will suffer most 
from sanctions and disinvest- 


ment" 

The conference discussed 
criteria for identifying com- 
panies in which no investments 
should be made and the legal 
position of trustees advocating 
such a course. 

• Unions representing em- 
ployees of Racal Decca, a sub- 
sidiary of the Racal electronics 
group, are expected to propose 
an overtime ban to try to get 
the company to reverse its de- 
cision to have a two-year pen- 
sion contributions “ holiday." 


Scargill 
rejects 
discipline 
code change 

By Philip Bassett 
aid John Capper 

MR ARTHUR SCARGILL, presi- 
dent of the National Union of 
Mineworkers, yesterday rejec- 
ted British Coal’s amendment 
to its disciplinary code, increas- 
ing the likelihood that the 
union's executive will tomorrow 
back industrial action. 

Mr Scargill said that the cor- 
poration's commitment to rein- 
stating sacked miners If 
directed to do so by an indus- 
trial tribunal did not constitute 
a change, and the union’s execu- 
tive had to take a decision on 
action “ very quickly." 

He added that if British Coal 
had not conceded the NUM*s 
principal points of objection to 
the code by the time of its 
national executive meeting in 
Blackpool tomorrow, he could 
see “ no alternative ” to taking 
industrial action. 

However, some Yorkshire 
NUM officials believe that 
national executive members 
from other areas will oppose 
any immediate action at the 
meeting, and they could be out- 
voted over their wish for a 
national overtime ban. 

The NUM ballot result — a 
77.5 per cent majority in favour 
of industrial action— has to be 
implemented by September 21 
if it is to stay in force. It al- 
lows the NUM to institute 
industrial action short of a 
strike. 

Mr Scargill said yesterday 
that he was “ bitterly disap- 
pointed ” by a letter from 
British Coal setting out the 
terms of its “ clarifications " of 
the code, although the corpor- 
ation appeared to have made 
one further concession in it 
According to Mr Scargill, the 
letter said a miner facing 
discipline could choose as a 
representative a colleague who 
had already been dismissed, 
although such proceedings 
would to take place away from 
he British Coal premises. 

He said that British Coal 
had accepted an Acas suggestion 
that instead of conduct warnings 
remaining on a miner’s record 
for three years, they would stay 
for six months if oral, or a 
year if written. 

Mr John Northard, British 
Coal’s operations director. Baid 
that Mr ScargiU’s suggestion 
that it had made no change to 
its position was “ totally 
untrue." It had responded to all 
the points made by the NUM, 
be said. 


CRUISE ACROSS THE 
ATLANTIC ON QE2. 
FLY THE 

OTHER WAY FREE. 

Crossing the Atlantic aboard QE2 amounts to five 
days and nights of sheer pleasure. With fine food and great 
entertainment all the way. 

Yon can sail QE2 Transatlantic Class one way from 
£820 and get a free British Airways Economy Class flight 
the oth er During November and December the trip costs 
even less, with prices as low as £620. 

Or yon could sail QE2 and return on one of our 
special Concorde charters for only £499 extra. Both for 
less fta" a one way scheduled Concorde flight 

QE2 is file only great liner crossing the Atlantic and 
just 7 of her crossings remain this yean 

Spaces on board are limited. Contact Cunard at 30a 
Fall Mall, London SW1Y 5LS, see your travel agent or call 
the number below. 



01-4913930 


CXMAXZ3 SS A MOtBEK Of TIB TRAFA1£AB HOUSE OOUT 


The Financial Times proposes to publish 
a Survey on 

INDIA 

on October 15 to commemorate 
India's 40th Anniversary of Independence 

Subjects to be covered In this Survey include: 

Polities — Political development of India dominated 
by Nehru dynasty; 

Technology — Foreign collaborations and develop- 
ment of electronics industry; 

Public and Joint Sectors — Features on steel, stock- 
markets, telecommunications and banking: 

Economy — The current state of the economy; 

Foreign Affairs — Likely developments as leader of 
non-aligned movement. 

For fetformo&m on advertising in this Survey, contact; 

Area Manager — Southern Asia 
HUGH SUTTON 

financial Times, Bracken House 
10 Cannon Street; London EC4P 4BY 
Tel: 01-248 8000 ext 3238 






TiTTTc 

lie 


m 

m 

r 

s 



You’ll wonder how you ever 
managed without it 


spend too ranch teem 


tij to C8ny too ranch Wtanaflon 
injoarlmd? 

shags bbod. to be arooandnd Iff. 
rotes and nnrebtod aenpeof - 

.. 

find adHBadt to ddegric tasks 

wirichytnlferijMicaiHXJHiptetB 

batter andtoateryjffladff 
I M ymatf constantly dealfog 
wfthn&wrqaerieslhn ethos? 
fedWnHttntjtor 
n e gate n? 


■ feelflwtowraeastztoa are tore 
protective than they should be? 

■ noteuJoyyoarjofctotbefliDest? 

■ ■' Ttase are ril symptoms of 
inadequate paaond ngenhatian 
andtesknianagemenLKflBlttngfai 
inefficiency, poorperfon-ma 
amiessexreojoo 



Atop quafily range ofbmders 

As you would expect from the Financial 
Times, not only fa Factmaster an invaluable 
business aid -it is stylish and elegantin its 
own right, produced to a quality which we 
befiere to be far superior to anything else <m 
the market 

Available in six different black binders, 
only the finest materials and craftaanship 
have been used throughout Our snpert 
range of leather binders have been 
especially created for us to Andrew Soos -a 
leather craftsman of international repute 
who also produces goods tor Hamids and 
Asprqys. And, new tor 1988, there Is onr 


pocket size 
binder in 
smooth black 
cow hide with 


With a very small investment of your time, 
your personal effectiveness will be transformed 
-youU meet dcedBDas,'gtey ahead of the game 
and those around you will respond more 
pootTfefy towards their own tads whan they 

sea the example von set. . 

Factmaster has three main 
features. 

First there is Use portable ring binder 
itself, which aBowsyou to takeeraywtare 
only those pages or seefidnayooneed on any 
particular thy. 

Secondare tfeeflro dlfferentsectwos, 
each lasting for 15 months. 

Third is the desk top Driabax designed to 




Oifll (flrguf 



powerful tool, guaranteed to teep your 
projects rawing forward an time and; : . 
according to plan. Pregrammliigisdiniileand . 



in the ffiaiy/Daily PImpageiTto progress of 
SQ taste is monitored automatical^ and ugwj 
information is enteiedteit comes toband... - 


yon toawanUriot down 
flrarconnhnbJonota, 

Idea, telephone muter 
irataff record 
visit to ateni. 


Ognahumetsur 

apMM, travel 
itineraries, imte - 


Talda^ motor man* 
ontseetoveetmaai, 
bauru tee udyttread 
mmuries. Aotfrdi 

mg* brittle eight' . 
cohuminabeiflihattv 
nd graphs with metric, 
mcbtoKlOMfthmfe 


mradeneat Qitem 
Btuom every hnu of 
yuerfo b leed to 
madron idffintBft sod 
vrtfllieitm conjunction. 
wtthflFflBmWflrTufc 
XamgementsjEteEc- 

HsorVe provide a ML 
searitpetfM-dtf.diaiy 
teuton, got poo decide 
■when tUQrtt and bmr 


The Tad: Management 

Britovs are designed to 
help yon plan, pragma 
and execute tads 
effidemb 

Tank Priority Indew 

ghejua an overall 
prime rfywrpnjects 
md altar yog to deads 
priorities. 

TeafcOnulewn kto 
your otjeethei and 
sjntamatoally break 
dom each praieet Into fe 
arisencs or sab- tasks. 

gtot-THfe.AedenHMs, 

■ralTherfaMneffliTliri 




that keep your tasks 
moving ahead on 
octal ok. 

Rack Load Chart. These 
foW-oot sheets ahov if 
jtfrt overloading 
youndfeodaijoa 
become nanaf the 

dinger agHtraQtn 

advance. 













Factmastor is a highly prestigious 
business gift and, as such, we realise that 
you may wish to be selective about who you 
give one la Far this reason 'bulk' discounts 
start at as few as 15 items. 



[Ala vi l e >* 







M aking the most of your tune 
Financial Times Business Information lid 
7th Floor, 50-64 Broadway, London SW1H ODB 
Telephone: 01-739 200a 







WHO’S \$ U y 

- \lN% i 

THE CITY 1 


: ... 
■•Av •%-rZf-fi# *>' 

MW 




What motes the ^coontiV's.rop companies lick? 

M find ffie answer in your bookcase. Because every 
weQ-stocked shefi will soon have o copy of tf» new 
McCarthy Information UK Company Almanac 

Produced annually to cover a full fiscal yew's news and 
comment, the Almanac provides a unique source of 
reference for those investigating, researching or trading m 
the leading corporations. 

Published under the Stock Exchange Press imprint by 
London & Intematrano] Publishers, it offers concise data, 
gathered mid edited by McCarthy Information Ud, .a sub- 
sidiary of the Finanritri Times, its content is artMed; an 
average of 1000 lines of intemaffonal news coverage on 
each company including ail alpha and most beta stocks. 
Each item is presented both chronologically and under sub- 
ject headings - aO cross-referenced to McCarthy Cords for 
easy use. So whether it's analysis end comment on stocks 
you wont, new directorships, or a five-year trading record, 
the Almanac has it a!L 

Reserve your order now and you will qualify for free 
access to the McCarthy Card On-Demand Service for one 
yeat worth £48.30 (me Vffl). 


McCarthy information 
UK Company Almanac 1987 


Stock Exchange Press, London & International Publishers Ltd, 
49 St. iames's Street, London SW1 A 1 Jt 

Plsosi send m e copies of the McCarthy Information 

UK Company Almanac 1987 to the fallowing address. Please also 
send details of my free access to the McCarthy Card On-Demand 
Service for one yem worth E48 JO (inc. W). 


SEND NO MONEY NOW An invoice will follow at puhucqtion in 
September far £150 per copy (in t. P&P). 

PLEASE RETURN THIS COUPON H6HT IM TO RESERVE YOUR COPY 






:i*' 'v 

: - •; . ••• ■ . 

h-,~: ?; 

mmtAAPv is*? 





&. V#*; -a 

? ..•*> T >1: ;■ wr; 



n y . ppfW 'j ' . ' . T 1 :’ ■ 

W¥ k ■ ‘ 




-.vi—s- rr>* .— ?* > • • — .; 














6 


Financial Times Saturday September 5 1987 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P48Y - 
Telegrams: Rnanthno.London PS4Tetox: 8954871 
Telephone; 01-2488000 


Saturday September 5 1987 


A tale of two 
currencies 


AT FIRST sight, the US and 
Britain are just two weak- 
currency countries confronting 
the same dilemma with the 
same policies. Both have cur- 
rent account deficits (although 
on a vastly different scale) and 
have some reason to fear 
domestic overheating and con* 
sequent inflation; and both have 
raised domestic short-term in- 
terest rates, staling that the 
reasons were domestic. 

The results, however, have 
been very different Sterling 
has been quite firm since the 
rate rise, and especially' sfcne 
the Chancellor went out of his 
way to say that he was prepared 
to use the reserves to support 
the rate. The dollar, however, 
rallied for only a few minutes 
after the half-point rise in the 
official discount rate yesterday. 
Dealers quickly concluded that 
half a point, which simply 
brings the official rate back in 
line with the market-determined 
Federal Funds Rate, was not 
enough. 

It was probably not meant 
to be enough. The new Fed 
chairman, Dr Alan Greenspan, 
frag maintain ed a studied, silence 
since he took over from Ur 
Paul Voicker a month ago, but 
just before his appointment he 
was more outspoken. At a busi- 
ness conference in the US he 
gave his view that the doHar 
might have to fall another 10 
per cent or more before a solid 
improvement in the current 
account could be achieved. The 
market has been trying to dis- 
cover for some time now how 
far his views have changed 
since he became the official in- 
flation fighter of -the US; no 
answer has yet emerged. 

Political demands 

Dr Greenspan’s private-soo 
tor views were based on his 
work as a respected economic 
forecaster; his official policies 
are now constrained by political 
demands. There are several 
reasons why the Administra- 
tion may still welcome a decline 
in the dollar, provided that it 
can be attributed to the market. 
(British politicians, as older 
readers will remember, used to 
Wawft their troubles on the 
Gnomes of Zurich, who are no 
longer heard from.) 

The first is of course that 
Dr Greenspan is not alone in 
thinking that a lower exchange 
rate will be needed in the end. 
Although there is now a satis- 
fying rise in the physical vol- 
ume of US exports, which can 
probably not be accelerated 
very much in the immediate 
future, the sheer scale of the 
improvement required in the 
US merchandise account is 
enormous. 

Since the US will soon reach 
an overseas debt of some 
SUXKttra, in place of a large 
net asset position in 1980, the 
longterm oSm must be not only 
to offset the current merchan- 


dise deficit, running at some 
$150bn, but to achieve a surplus 
of almost the same scale. 

This wifi involve more than 
doubling export: volumes, unless 
imports are sharply reduced. It 
would be the biggest transfor- 
mation that had ever been 
imposed on a large economy, 
and w aukL require an abso lute 
assurance of longterm cost 
competitiveness to motivate the 
effort and the investment 
required. Japanese history 
shows that at can be done (and 
indeed 1 ft 8 * the 'habit can be 
hard to break); but it requires 
a complete change of outlook 
in US industry, which has tradi- 
tionally concentrated almost 
entirely cm its enormous 
domestic market. 

That is the Gong-term argu- 
ment for further depreciation; 
but there are also pressing 
short-term arguments, which 
are only too familiar. Protec- 
tionist sentiment is still strong 
in Congress, although the US 
task would be nearer to the 
impossible in a protectionist 
world; and the US's trade part- 
ners are seen as dragging their 
feet on policy co-ordination. 

Capital losses 

This argument, -which goes 
back to the first dollar crisis 
of 1971, has never been 
resolved; both Japan and still 
more Germany seem to the 
Americans to rely on US vmH- 
ingness to borrow to keep their 
own economies afloat The 
issue was crisply put by 
Governor Heller of the Federal 
Reserve: “If we cant grow 
together, well shrink together.” 

Failing any response to these 
demands, the Americans seem 
satisfied for the time being to 
let the central banks of their 
reluctant partners finance the 
US deficit through exchange 
market intervention — and 
probably to softer large capital 
losses as a consequence. 

A side-effect, oddly enough, 

is to provide more liquidity 
for the irrepressible world-wide 
bull market in fiwaneM assets. 
This has been taking a breather 
in recent weeks; bat given the 
background of crisis in the 
Gulf, not to mention the first 
Japanese casualty of reckless 
corporate speculation, this must 
be seen as a pretty robust 
performance. 

'What remains dear (s -that it 
is sGH the massive inflows of 
capital through current account 
imbalances, amplified by 
exchange market intervention, 
which determine both exchange 
rates and equity market levels, 
and Which aiso finance the con- 
sumer spending that is keeping 
the would economy reasonably 
buoyant. 

Devaluation usuaHy means 
h i gher profits, while & tight 
exchange rate Objective con- 
strains them; bat ft also means 
exchange losses for external 
investors. 


On the eve of the slickest ever TUC Congress, Philip Bassett finds that the razzamatazz 
is just one of the signs that British trade unions are going the way of their US counterparts 

In Brother Sam’s footsteps 


B ACK IN the summer, the 
leaders of Britain's trade 
unions faced a ticklish 
choice. Charles Price m, the 
US ambassador in London, in- 
vited them to a reception at 
his elegant official residence m 
Regent's Paxfc But; on the very 
same night, they had also been 
called to sample the hospitality 
at the Soviet embassy in Hyde 
Park. 

Formally, the Russians won. 
But, after downing the vodka. 
Hr Norman Willis, TUC gen- 
eral secretary, and other union 
leaders, slipped back to the US 
party to make sure that they 
mingled with the cousins as 
well as the comrades. 

As trade union membership 
in the UK continues to decline, 
as the nniniiB are further 
stripped of their national role 
and influence, as non-unionism 
surges, as de-unionisation starts 
(just about) to become a feas- 
ible option for employers, what 
looms large for unions id 
Britain is the example — both 
at trac ti ve and appalling— of 
trade unionism in the US. How 
far towards the American model 
are British unions heading? 

Next week’s H9£h TUC con- 
gress in gaudy Blackpool will 
be its moat Americanised, yet. 
Last year’s was a trial run: 
glossier, smoother than any pre- 
vious Congress, the unions put 
on their best face for the com- 
ing general election. This year, 
with Labour’s third successive 
defeat at its back, the planned 
Sheen of next week’s TUC event 
is all for itself. Its members, 
and the public. 

For the first time in TUC 
history, commercialism wQl not 
just be allowed, but positively 
encouraged. Instead of dull, 
grubby conference documents, 
each delegate will receive a 
slick, designer-guide to the Con- 
gress, filled with and funded by 
commercial advertising by com- 
panies and institutions keen to 
bit the wwinn market 
That approach will be evi- 
dent too, in a Congress exhibi- 
tion, in which companies, chari- 
ties and other bodies Will take 
— and pay for— stall display 
space, as they do at m an ager s* 
conferences. Monday morning 
will see the premiere of a care- 
fully schemed video promoting 
trade unionism, much on the 
lines of those now widely used 
by American unions. This 
method of getting the message 
across has been p romoted by 
US union video specialists in a 
special prese n t a tion to the TUC 
leaders within the last 12 
months. 

All tills comes against a back- 
ground of recent advice from 
the -TUC to unions on how to 
use advertising, opinion polls 
and video. Trade union promo- 
tion— hustling— is now the 
name of the wnig. 

Unions in the US hare been 
hustling for years. They have 
needed to: a new analysis in 
the Industrial Relations 
Journal, by Professor Ronald 
Miller of the University of 
IBInois, cogently lists the £ae* 


1945 . 55. 65 75 79 80 8t 82 83 848586 




Mf 580 


1845 55 65 757980 818283848586 


US 



TRADE UNION 
DENSITY 

Proportion of w or kforce in onions 



tors which hare contributed to 
tiie decline of the American 
labour movement 

Labour market: US employ- 
ment projections show more 
women in work and fewer mem 


Brans Radovfc 

a continuation of the shift from 
manufacturing to service in- 
dustries; more small com- 
panies; low technology, with re- 
sulting low skin requirements 
and low pay; little growth in 
blue-collar manual work, but an 
increase in white-collar jobs. 

• Industrial and economic 
structure: there has been a con- 
tinuing shift from the old indus- 
trial heartlands of the north to 
the sunbelt states of the south 
and south-west; a surplus labour 
supply In the older areas, 
prompting employers to push 
for change;- government deregu- 
lation, leading to the wide- 
spread privatisation of opera- 
tions and a sharp Increase hi 
competition; moves to de- 

For the first tone 
m TUC history, 
commercialism will 
he not only allowed 
but encouraged 

unionise employees, even in 
places and industrial' sectors 
which have traditionally been 
strongly unionised. - 

• Employers: greater profes- 
sionalism among personnel man- 
agers, enabling the adaption of 
techniques to circumvent 
unions; increased willingness to 
deploy stringent labour laws; a 
move away from large com- 
panies to smaller units. 

• Unions: highly fragmented, 
often leading to intense inter- 
union competition; variable re- 
sources, but tighter operating 
budgets necessitating more 
limited or ganising ana recruit- 
ment drives; low membership 
in specific sectors, sack as ser- 


vices and finance; any in- 
creases or consolidation of 
union membership mainly con- 
fined to the public sector; a lack 
of women at senior levels; pub- 
lic perception of unions as un- 
democratic, even corrupt 

Two points stand out in all 
this. First — though some US 
commentators dispute it — the 
suggestion i» that all these 
factors are inherently more 
likely to lead to Iowa levels 
of unionisation. And second* 
every one of these changes is 
happening in tile UK. 

In its labour market policies, 
the UK Government — in- 
vigorated by its renewed elec- 
toral mandate — takes mw<*K of 
US practice as its model: Lord 
Young, the Conservatives’ pre- 
vious Employment Secretory 
and still a highly iwffnawHal 
voice on employment issues, 
openly admires tha kmd of 
relationships many US entre- 
preneurs have with their work- 
forces. 

Much of the Impetus behind 
the Government’s drive to- 
wards a more fi eri b lip labour 
market also has hs roots in 
US-style 1 ideas of enterprise. - 
This increased flexibility is 
expressed numerically; through 
more variation in ways Of work- 
ing such as part-time and tem- 
porary labour, functionally, 
fay abandonment of skill de- 
demarcations, and financially, 
in wider share ownership or by 
more closely relating pay to 
profit The industrial relations 
models in the UK are now the 
entrepreneurial, non - union 
McDonalds and IBM, not the 
consensual, unionised ECX or 
Ford. 

Even setting aside the 
overtly American approach of 
greater razzamatazz, much of 


what lurks behind the agenda unionism when organising 
for next week’s TUC Congress drives are mounted, 
is similarly American in tone. There is nothing yet along 
Mr WHtis has seized on the these lines in the UK, though 
willingness to change, which Mr John Edmonds, the highly 
follows Labour's electoral de- respected general secre tar y of 
feat and the upheaval in the the nim general union, has 
P ut , fo r rard a spoken consistently of the need 
set of ramcai proposals tor new f 0r nniami to move beyond 

srjK s-$ 

non-union sectors of the UK has 

been tried — - and largely fen** So far, reactions have been 
— la non-union partoofthe US, “Jzod among British unions to 
such as tiie southern sunbelt. toe signs of growing Amenean- 
Hte Idea of organ®- isation of industrial relations — 

ing areas, giving individual witness the shift of personnel 
unions a clear run at particular managers towards the mid- 
non-unioa companies for a - -■» " ■■■ ■ ■ ■ ■■■ ■■■ 

strictly limited period, has been 
practised in America by the 
TUG'S equivalent, the AFLCIQ. 

Mr WlHis sees unions in 
Britain sharply increasing the 
level and variety of services— 
financial, legal, social — -era offer* 
to members, suggesting that 
the combined power of the total 
membership be harnessed not 
towards aggregated industrial Atlantic ** human resource 
strength, but towards aggre- management,” One mrion, the 
gated commercial cl out. One EETTO eJectricfaris, has ettfini^ 
example of this— again bob- siasticaRy espoused the US-style 
rowed from the US— could be, 11 business unionism ” model: 
he says, a union credit card, tfiade rather fhaw class- 
offering financial advantages to .conscious; concentrating on 
members. core, insider terms and condl- 

More is on offer in the US, tinns at the expense of the 
and has yet to he proposed to peripheral outsiders, and- pre- 
the UK- For example, some pared to ally with employers 
unions are be ginnin g to offer for pragmatic advantage. Few 
“ associate ” membership to others have gone so far, but 
non-union employees. Workers there are signs: for instance, 
who choose this arrangement the corporate redesign this year 
can voluntarily pay partial of the GMB by a company 
dues, entitling them to a limited whose previous clients included 
range of benefits. The advan- retailers Next and sports car 
tage claimed by proponents of makers Lamborghtoi. 
the idea is that such employees For some unions on the 
might be less resistant to trade left, shifts by the TUC and some 


Members may be 
harnessed on die 
basis of commercial 
ddot rather than 
industrial mu sde 


of its affiliates towards the 
American examp l e ■ are 
anathema. Mr Ken Gill, of the 
manufacturing union Tass. for 
example, views it as an 
abhorrent attempt tu sell off 
principles which should not be 
for sale, though the proje cted 
merger of his union with the 
white-collar ASTMS is described 
by Mr Ctive Jenkins, the latter’s 
general secretary, as c orpora te 
in. nature to match the complex 
corporate structures of multi- 
national employers; Even the 
rigorously left-led public em- 
ployees’ union Nope has put up 
a motion for debate oa Monday 
which looks to improve the UK 
anions’ imag e by professional 
techniques, such as a "major 
programme ” of opinion re- 
search, and press, and TV 
advertisings 

What is notable for its 
absence is a bank of concerns 
traditional to British trade 
unionism. Where are the refer- 
ences to the "British, disease,* . 
that readiness to strike and turn 
to militancy as the solution to 
employees’ problems? Apart 
from an attempt by the TGWU 
transport union to damp- down 
on the EETPITs approach to 
business unionism, its strike- 
free agreements, the key clutch 
of policy resolutions on the TUC 
agenda relating to union 
organisation, role and structure 
make no mention of strikes. 

The militant option is left 
to be expressed by Mr Arthur 
Scar gill, the indefatigable 
president of the National Union 
of Mtoewodcers. His planned 
implementation of a ballot 
result to favour of action, 
short of a strike, over British 
Coal’s disciplinary cede 
threatens to hijack the TUC 
conference, unless conciliation 
talks defuse matters. 

But though militancy ma y 
still be an option for the NUM, 
it is no longer a consideration 
for most unions. Apart from 
two motions from the Mflitant- 
led CPSA civil servants* union, 
no motion at all calls for indus- 
trial action to be taken by 
anyone, over anything. Cam- 
paigns, yes; public awareness, 
certainly. Strikes, no thanks. 

The TUC is urging that the 
US example of the hard but 
sophisticated sen is one which 
unions in the UK should adopt 
But this is clearly not without 
its dangers: it has not stopped 
the US unions’ lengthy decline 
to the point where they repre- 
sent only 18 per cent of so of 
the workforce. Mr Gavin Laird, 
general secretary of the AEU 
engineering workers, believes 
that if UK union membership 
-^tioW-'hf 'ST per cent of the 
workforce — dips to 33 per cent 
or less, then It will inevitably 
dip farther to match US union- 
isation levels. 

Stopping the ret, then, is 
what next week’s TUC Congress 
is about for the unions, finding 
a way to haul themselves off 
what may seem increasingly 
like a long slide towards obli- 
vion- The decline of organised 
labour in the US has been a 
chastening experience ‘ for the 
unions there. The gamble for 
their counterparty in the UK is 
whether transplanted American 
methods will provide a way to 
prevent it happening here. 


BOONE IS BACK. After two 
years of lying low, Mr T. Boone 
Pickens is once again harrying 
tiie Good Ol’ Boys of corporate 
America. The small Texan with 
spaniel eyes who made hun- 
dreds of millions of dollars 
from savaging oil companies in 
the first half of the 1980s is 
back on the takeover trail 

This week, a partnership led 
by Mr Pickens proposed buying 
Newmont Alining, the large US 
gold mining and natural 
resource group, for $95*-share 
or about $6tm (£3.6bn). 

The proposal, made to a letter 
to the New York company’s 
board, is known in Boone-speak 
as a bear-hug: a superficially 
“ friendly" offer designed to 
embarrass the target company, 
get professional speculators into 
Its stock and generally stir the 
poh Whether he will move on 
to a hostile tender offer, with 
all the Boone paraphernalia of 
lawsuits, proxy fights and 
sermonising about stockholders* 
rights, has yet to be seen. 

Wall Street doubts that he 
can finance an offer, but then 
it never believed he had the 
financial muscle so to terrify 
Gulf Oil in 1984 that tiie 
lumbering oil giant took refuge 
in the largest merger America 
has sees. 

Is Newmont to be a golden 
Gulf Oil? it is said that many 
b usinessmen have only one 
idea. Boone Pickens's idea was 
a brilliant one. As he tells it 
in his memoirs*, on which he 
worked for most of last year, 
the idea mw* after the Fourth 
of July weekend in 1983. 

He was 55. From modest 
hegkufttigs chaffing gg deals 
through Oklahoma and the 
Texas Panhandle in an old 
Ford, he had built his Mesa 
Petroleum into a successful, if 
chronically undercapitalised, 
independent oil company. 

But oil prices were falling. 
Costs were rising. Oil was 
increasingly hard to find. Mesa 
was spending $500,000 a day 
drilling dry boles in the Gulf 
of Mexico. “In short we had 
blown it," he says. 

Mr Pickens decided to go 
drilling on Wall Street Oil 
company stock prices were 
depressed because the com- 
panies were squandering their 
cash flow to equally unsuccess- 
ful exploration. 


Man in the News 


T. Boone Pickens 

A good 
ol* boy 
in need 
of a 

fast buck 

By James Buchan 



Ur Pickens found his 
formula: pick an oil company 
where the stock market has 
underpriced the assets because 
of its low regard for manage- 
ment buy into its stock, 
threaten the company with 
takeover, attack management 
for squandering stockholders’ 
money on Deris or self- 
aggrandlsement And sell out 
at a profit 

At tiie beginning. It was like 
shooting driven birds — and 
both Mr Pickens and his second 
wife, Bea, are excellent shots. 
When Golf ran into the arms 
of Chevron. Mesa and its 
partners made $760m in profits. 

Then thing s got tougher. 


Phillips, the Oklahoma com- 
pany that gave young Boone 
his first job, mobilised against 
him as a corporate raider. 
From Phillips, he says he culled 
just 989m. He was widely 
thought to have lost money 
in his raid on Unocal, the West 
Coast oQ company, in 1985: he 
says he made twice as much 
as from Phillips after tax. 

The Wood Mr Pickens drew 
caused a frenzy among the oft 
companies. The GuH/Ghevnm 
merger was just one of several 
big combinations as snore 
powerful oU companies stole 
Mr Pickens’s idea. His populist 
attacks on the Good Ol’ Boys — 
the coxporate bureaucrats with 


their fainting camps and fancy 
aircraft — are now tiie corpor- 
ate raider’s stock to trade. His 
memoirs are just the best effort 
yet In d flourishing autobio- 
graphical sob-genre in which 
tiie reader, Mtttydike, humili- 
ates the chief executive who 
aramed him at the country 
club and saves flree enterprise. 

Mr Pickens must take credit 
for reviving an overdue debate 
about tiie duties of professional 
management to company pro- 
prietors. Friends insist that 
Ms preaching fis not a cynical 
smokescreen to conceal his sedf- 
enricirment In a manner quite 
common in America, he is 
genuinely sanctimonious. 


A man who tends to see 
tilings to black and while, he 
believes he as helping all stock- 
holders, not just Boone Pickens. 

“ They want to make money," 
says Professor Michael Jensen, 
a leading academic who knows 
Mesa wan. “But they have 
clear sense of cause." 

In fact; Mr Fickensis not that 
rich. Certainly not Wall-Street 
rich. His stock in Mesa is worth 
about $l25m, but he freely 
admits to being deep to personal 
debt He is still a drifter from 
the high plains, a fine poker- 
player “with ice-water in his 
veins " as one friend puts it a 
Leaflet cowboy who speculates 
in cattle, commodity futures or 
the Super BowL 

Mesa is now primarily an 
investment partnership, run by 
Hr Pickens and a tight-knit 
group of financial wizards in 
their 30s, with some oil and gas 
production tacked on. .But mis 
production Is not enough to pay 
the 92-a-ehare dividend Hr 
Pickens has promised his 
partners. Mr Pickens needs 
money. Mr Pickens needs 
Newmont 

Wall Street sees lots of 
shrrilarities between Newmont 
and Gulf: a depressed stock 
price while the Pickens group 
was buying In and lots of free 
wish flour to buy It out again. 
“ Genetically, it is the same 
kind of deal as his involvement 
with the ofl industry,” says Prof 
Jensen, _ _ _ 

What worries some or wall 
Street is that it might end 
the same way as some of his 
titts with Big Oil: to a payoff. 

Mr Pickens insists that he 
does not accept greenmail — the 


term coined for the premium 
paid by managements to get 
raiders off their stockholders’ 
register. But the professional 
speculators who decide US 
takeover battles, the arbitra- 
geurs, have not forgiven him 
for pulling out of Phillips so 
that its stock price tumbled. 

The arbitrageurs are chary 
lest Mr Pickens do some sweet 
heart deal with Newmont, or 
the British and South African 
capital involved through Con- 
solidated Gold Fields, its major 
shareholder. That Is one reason 
why Newmont stock Is trading 
■well below $95. 

•Bat ww, T Boon* Picket w, Jr. 
tiwgttton httBSn I9S7. 



A group with a future 
-as the past shows 



launch 

Date 


Position 
in sector 

European 

6/7/1984 

+198.1 

7th 

Japan 

6/7/1984 

+195.3 

8th 

American 

6/7/1984 

+114.2 

1st 

Australian 

2/7/1985 

+ 81.5 

11th 

Equity 

21/3/1983 

+188.6 

58th 

cat 

SOURCE! OML/1DC. Offer to 

21/8/1984 

+ 34.1 

13th 


lb be part of Grofund's future performance 
contact* Tony Fraher, Director, Grofund 
Managers Limited, Pinners HaD, 

8-9 Austin Friais, London EC2N 2AE, 
or telephone 01-588 5317. 

A MEMBER QFTHE UNIT7RIJST ASSOCIATION 
A MEMBER Of © ALLIED IRISH BANK GROUP - assets Of £7^ billion. 








7 


?r 




Fmancial Times Saturday September 5 1987 


ts 


1 

i 


: 


i 

i 

’-'tab 


«S 


jS 

av 

: w 

s 2 *i 

“* a - T iL. 

r °a!^ 

* by K. 

tffti 

ps: 

s'* 
***** 
.ca ci 

i!»a. 

fl * Ski 

■ ^5% 

r * ar ■ 

3 Qf ,*? 
'•car [# ,' 
u *. ct»! 

‘p'-'uifT 

-*« a- 
- s «tari 
5;!ri& 

■ a ast 

r ai A- 
"Sl’iijl 

• '•! , ,p r_ * 

.- 

* 3? :*> 

aayfc 

-6 J ftp 
:e-. ;t -y 

WK?j 
■- i* ^ 

g£* 

^■” =«K 
Mi =■? 

-?re "«:■ 

•£* r^7. 

Jfrfc* 
-•:• ~s 
srsw. a 

ar E»a 

>’ s:", 

' ■■- £3 
‘ v^ai 

s^iE: 

•> *« 

». 

•: UKci 

* -Asa 

rf2 1T£ 

* ««£ 
.Cc ui (3 


FOR THE FIRST time, in Mon- 
treal next week, the' European 
Community will propose .pre- 
emptive actiorioa s potential— 
although still unproven-— 
environmental problem. 

*1116 occasion will be a meet* 
ing of the United Nations En- 
vironmental Programme, called 
to discuss a convention, drawn 
up in Vienna in 1985, for die 
protection .of the ozone layer. 
The 12 EC -nations will '.call 
with one voice for a freeze on 
the manufacture of ' ehloro- 
fluorocarbons (CFCs) at 1986 
levels of production, to be 
followed by a reduction of per- 
haps 20 per cent. . 

No-one is sure whether CFCs 
are really damaging the atmos- 
phere. Even new, US aircraft — 
including the U-2, .the high- 
flying spyplene 0 f the 1960s— 
are overflying Antarctica in 
some of the latest research into 
the. issue.. But British Environ- 
ment Department Officials are 
pleased that for once there is 
widespread agreement that 
something raw and should be 
done to prevent matters 
worsening while -scientists 
determine -whether CFCs really 
are an environmental problem. 

What they fear is that CFCs 
—a man-made family of chemi- 
cals now widely used in more 
affluent countries — may be at- 
tacking the ozone in the strato- 
sphere, 10-50 kilometres above 
the earth. We know that the 
few parts per million of ozone 
— a very active form of oxygen 
— present naturally in • the 
stratosphere have a vital role 
in absorbing ultraviolet radia- 
tion from the sun. ■ And any 
general increase in ultraviolet 
radiation' reaching -the earth 
owing to ozone depletion in the 
upper atmosphere could have 
dramatic consequences for all 
living things— not least people, 
where a rise in skin cancer 
is one of the most likely effects. 

Ozone in the atmosphere is 
important for ' at least four 
different rations. It shields life 
on earth from excess solar 
radiation. But in so doing, It 
also absorbs energy, so any big 
changes in its absorptive capa- 
city will affect the circulation 
of the atmosphere and hence 
the earth's climate. 

A third reason is that ozone 
in the troposphere id a ‘‘green- 
house gas.” like carbon dioxide, 
me thane, nitrous oxide and 
CFCs, ozone strongly absorbs 
infra-red radiation. . whether 
coming from the sun or radiated 
by the earth. Any change in 
Infra-red absorption in this 
region of the atmosphere could 
have important climatic conse- 
quences on earth. 

The fourth reason Is the 
ozone at ground level, far from 
being the tonic of travel 
writers, Is actually a taxon, dam- 
aging to human health and re- 
cently implicated In damage to 
forests in northern Europe and 
North America. 

The firet realisation.' that 
human activities .might perma- 
nently damage' nature’s radia- 


David Fishlock reports on problems with the ozone layer 



The case for a freeze 
In the greenhouse 


tian shield came with a scare 
In 1971. St was suggested that 
exhaust gases from fleets of 
high-flying supersonic airliners 
might eat up the ozone. Official 
investigations in Britain, France 
and the US concluded that there 
was no. real threat, oven from 
the aircraft numbers projected 
for the mid-1970s. 

The next scare postulated 
that CFCs wafted up to the 
stratosphere might be decom- 
posed by the action of solar 
radiation, releasing free chlor- 
ine which would attack the 
ozone. 

CFCs, at ground level, are 
highly reactive substances— one 
reason why they are so valu- 
able. But by the same token 
they wiff hang around some- 
where and there was reason to 
think they might accumulate in 
the stratosphere. 

CFCs were first introduced in 
the 1930s, but the expansion in 
their use took place in the 1960s 
and production peaked in the 
early 1970s. _ Every time you 
squirt an aerosol deodorant or 
blob of cream, you release a 
CFG, which provides the pro- 
pellant gas. Every time you 
crush a McDonald’s takeaway 
carton you release a 'CFG, the 
gas used to form its insulating 
pores. Commercial refrigeration 
uses huge quantities of CFCs 
for the storage of food. The 
electronics Industry uses them 
extensively as solvents. 

hi 1981' the UN Environ- 
. nyntiii Programme began to 
organise its Convention for the 
Protection of the Ozone Layer, 
which .was finally agreed in 
'Vienna in March 1985. 


In a report just published, 
Britain's latest team of advi- 
sers, the Stratospheric Ozone 
Review Group, say general 
interest in the ozone layer and 
the possible threat to it from 
man's activities since 1984, has 
two main roots.* One is the 
need to support the conven- 
tion's protocols with a proper 
basis of understanding “ so that 
decision may be based on sound 
science." As one Environment 
Department official puts it, 
‘‘our difficulties lie in distin- 
guishing between fact, pro- 
ability and speculation.” 

The other stems from new 
scientific reports which, the 
scientists say heighten fears. 
One such report puts forward 
the theory that ozone depletion 
could reach a point of sudden 
acceleration. Another paper re- 
ports the discovery of “holes” 
in the stratosphere over Antar- 
tica; vast areas in which ozone 
levels have fallen by up to 40 
per cent over the past ten years. 

The first unequivocal changes 
in the climatology of ozone have 
been observed in Antartica by 
British scientists led by Dr Joe 
Farman of the British Antarc- 
tic Survey, a research pro- 
gramme of the Natural En- 
vironment Research Council. 

In 1985, Dr Farman reported 
a large region of the atmos- 
phere low in ozone, which had 
developed in the early (Antarc- 
tic) spring. Then last year he 
reported a second. still 
bigger “hole” in the ozone. The 
discarded US satellite data then 
yielded vivd pictures of these 
regions of low ozone. 

So the British are repeating 


the ground-based measurements 
made by the British Antarctic 
Survey last year. Also last 
month, a six-week international 
survey using aircraft for the 
first time began, taking measure- 
ments at every level of the 
atmosphere above Antarctica. 

For high-level measurements, 
this international group are 
using an ER-2, developed from 
the U-2 spyplane, capable of 
flying through the ** hole ” at 
altitudes up to 20 km, carrying 
assorted sensors and detectors. 
At lower levels, they are using 
a DCS equipped mainly with 
upward-looking remote sound- 
ing instruments. Both aircraft 
are being flown from Puntas 
Arenas in Chide. 

In a nutshell, these scientists 
have advised the government: 

• That there is no significant 
change yet in the ozone layer 

• That models predict a 1-3 
per cent depletion by the year 
2000 ; 

• That there wall be larger 
depletions at higher altitudes; 

• They do not know the cause 
of the ‘‘Antarctic hole" but 
CFCs are likely to be involved. 

The picture which emerges 
is of a very complex cauldron 
of chemistry, involving 50-200 
different reactions governing 
the creation and breakdown of 
ozone. These are used to build 
a computer model against which 
direct measurements — • such as 
those from the current flights 
through the new “ Antarctic 
hole " — can be tested. 

As far back as 1980 the 
European Community tried to 
agree a ceiling on CFC produc- 
tion among member-states. In 


fact, officials say, the EC “ neve" 
even got near it." Nevertheless 
they are worried by some c 
the latest findings, not leas 
of the “Antarctic hole”; ar 
also by the fact that, worldwide 
CFC production is rising aga>> 
after falling significantly dune 
the 1970s. They say there • 
general agreement that C. 
1980 restrictions are nr. 
enough. 

But obtaining wider agree 
znent in Montreal will not br 
plain sailing. The EC, which 
has seven producer nations, har 
had Its own problems in agree- 
ing a common line, and somr 
countries, France for example 
are less enthusiastic than 
others. The Nordic nations 
which do not produce CFCs — 
although they use them — are 
keen to go further than merely 
curtailing production. 

Again, any protocol agreed 
among present producer nations 
could open opportunities for 
non-signatories to encourage 
“ CFC havens,” from which 
CFCs conld be exported to the 
main users as well as serving 
the aspirations of the develop- 
ing world. 

The fact is, at present there 
is no substitute for CFCs in 
their main uses, such as con- 
tact with food, where they are 
accepted as extremely safe. 
McDonald's has earned kudos 
for saying it will abandon CFCs 
in its takeaway cartons, but has 
not said when or how. It may 
take many years to demonstrate 
the safety of any alternative. 

* StmospMc Omni. Rwport of tha 
UK Suatospherio Ozone flov/ew Group, 
HMSO. £9-95, 1907. 


Half a point may not 
hold the dollar 


“THE DECISION reflects the 
intent of the Federal Reserve 
to deal effectively and in a 
timely way with potential in- 
flationary pressures" said the 
brief statement accompanying 
yesterday's i point rise in the 
US discount rate to 6 per cent. 

There was no mention of the 
subject which has dominated 
financial markets for the last 
week — the dollar’s renewed 
slide on foreign exchange mar- 
kets. 

MCvhyU mfw taoi bgkq hrdlh 

But if it was not explicit, the 
message from Dr Alan Green* 
span, the new chairman of the 
US Federal Reserve., was clear 
enough. He was not prepared to 
take any more of a risk with in- 
flation than his predecessor Mr 
Paul Volcker. By implication, 
"be Fed could not be indifferent 
'j> an accelerating fall in the 
dollar's value. 

Dr Greenspan, who will meet 
fellow central bankers from the 
rther major industrialised 
;o untries for the first time at a 
nee ting in Basle on Monday, 
'lad good reason to seek to 
establish his anti-inflation 
credentials early on. 

Price rises in the US during 
he first six months of this year 
•ccelerated to an annual rate of 
over 5 per cent, up from just 1 
•Ter cent in the comparable 
jeriod of 1986. US growth, run- 
ning at nearly 3.5 per cent in 
the first half, has been faster 
than expected, diminishing the 
-isk that higher borrowing costs 
»uld trigger a recession. 

Against that background Dr 
Greenspan faced what had 
become a familiar problem to 
nis predecessor — a falling dollar 
threatening both another up- 
ward twist in prices and a 
collapse of confidence in finan- 
cial markets. 

Since late last month the ac- 
cord between the leading indus- 
trial countries which has kept 
the US currency relatively 
ga b l e the early months of 
the year has looked to be under 
serious strain. Well-tuned inter- 
vention by the central banks 
took some of the pressure off 
earlier in the week. But the 
consensus in the financial mar- 
kets was »har the threat to the 
so-called Louvre accord would 
intensify In the run-up to the 
gathering of key- policymakers 
in Washington at the end of 
this month. 

The tensions are already ap- 
parent: still-massive monthly 
trade deficits for the US, par- 
alysis in Washington over fur- 
ther cuts in the US Budget de- 
ficit, and continuing sluggish 
growth in Europe. 

The immediate cause of the 


By Philip Stephens 

dollar’s latest bout of weakness 
was the realisation that there 
is little prospect in 1987 of a 
significant fall in the trade de- 
ficit from last year’s 157bn. 

That in turn has put a ques- 
tion mark over the core of the 
Louvre agreement— -the public 
assertion by the US, Japan, 
West Germany, France, Britain, 
Italy and Canada that the exist- 
ing pattern of exchange rates 
ws “broadly consistent” with 
economic fundamentals. 

In simple language, the 
message in February was that 

the dollar’s 40 per cent devalua- 
tion since its 1985 peak was 
enough gradually to erode the 
massive US trade deficit and 
the parallel surpluses in Japan 
and West Germany. 

The underlying analysis, how- 
ever, was always open to ques- 


3-5 DM per $ 


London 


3*0 


Dollar 

against the 
D-Mark 




2S 




»r*; 


i-5 

1985 1986 1987 


tion. Even at the time of the 
acord, a report prepared by a 
committee of senior officials— 
the oddly-named Working Party 
3 — was sceptical about the 
prospects for a sustained reduc- 
tion in the trade imbalances 
without either much more 
radical Policy action by govern- 
ments or a further dollar 
depredation. 

The problem for the seven is 
that financial markets sense 
that since February the econo- 
mic fundamentals have shifted 
even further in favour of a 
weaker dollar. 

Governments have imple- 
mented some of the broader 
economic policy commitments 
designed to underpin currency 
stability. Japan's domestic 
growth rate has picked up con- 
siderably. West Germany’s 
economy, though hardly 
sizzling, has pulled out of the 
mau-recession it experienced 
early in the year. 


The nominal trade figures 
are also deceptive. There has 
been a significant favourable 
shift in terms of higher US 
export, and lower import, 
volumes; and at last the 
Japanese surplus shows signs 
of turning round. 

Against that; the huge size 
of the initial imbalances has 
accentuated the J-curve effect 
of the dollar's devaluation— the 
improvement in trade volumes 
is being offset by the impact of 
more expensive imports. 

Prospects for further cuts in 
the US budget deficit — seen 
as a key part of the policy pack- 
age needed to underpin the dol- 
lar — are hardly auspicious. Al- 
though the deficit will fall 
sharply this year, perhaps to be- 
low S160bn from $220bn last 
year, an unlikely rapprochement 
between Administration and 
Congress will be needed to pre- 
vent it rising again in 1988. 

The markets have concluded 
that the combination adds up to 
a weaker dollar. Taking a 
medium-term view, many senior 
officials inside and outside the 
US privately agree. 

What yesterday's move by the 
Fed may have been designed to 
ensure Is that the decline does 
not turn into a rout. 

The US is frequently equivo- 
cal about its currency, nee ding 
to weigh the benefits of 
stability in terms of inflation 
and confidence, against the 
need for visible reductions in 
the trade deficit to stem the 
rising tide of nrotectionist sen- 
timent in Congress. 

Yesterday’s rise in the dis- 
count rate suggests that the 
recent upturn in inflation for 
the moment has tilted the 
balance in favour of stability. 

The markets, however, re- 
main sceptical. The initial 
favourable reaction to the Fed 
announcement on foreign ex- 
changes lasted barely on hour 
before the dollar resumed its 
falL The general view among 
participants was that it would 
take much more than a 1 point 
rise in interest rates to persuade 
them that the US could or would 
seek to peg the dollar’s value 
rather than simply brake its 
fall. 

So even if the central banks 
manage to regain the upper 
hand, it may be a question only 
of buying time. Sentiment in 
financial markets that sooner 
or later the dollar will have to 
fall further does not look like 
going away. Perhaps the best 
that central banks can hope for 
— and what the US is secretly 
hoping for — is that such a 
decline will be controlled and 
orderly. 



:ce 




Prosperity for 
the proles 

From Mr A. Balfour 

Sir,— Mr Stem (August 26) 
accuses Professor Simpson’s 
analysis of being simplistic. 
Yet his own argument appears 
to be rather naive as judged by 
his most skilled choice of ob- 
jective and fair evidence, 
notably the Guardian which, as 
we all know, is an unbiased, 
middle-ground :■ ' newspaper I 
There is undoubtedly something 
to be said in favour of economic 
theories being debatable. But 
Mr Stem has based his entire 
argument upon factual ln- 
accurarie?.: - ‘ 

It is simply uptnie to state 
that Britain witnessed ' an eco- 
nomic -growth anywhere near 3 
per cent during 1948-1976. Had 
this been the . case, Britain 
would not have lagged' .behind 
its European competitors as it 
so painfully did. - In addition 
may I remind' Mr Stem that it 
was his very Keynesian polled . 
applied - continuously from 
1970-1976 which brought Britain 
to its knees at the IMF. Mr 
Stem also quotes Sweden as 
the ultimate in economic- suc- 
cess and full employment May 
1 remind him that Sweden was 
not exactly an- -active -partici- 
pant In the bankrupting activi- 
ties of the Second World War, 
and that it certainly did not 
have to face the problems of re- 
structuring faced by Britain. 
May I also. invite, him to. glance 
across the North' Sea (br even 
.. at a newspaperl) and discover 
that Sweden is suffering from 
sluggish growth and rising 
unemployment. 

Britain on ' the other hand 
has largely restructured Its 
economy. Mr Stem takes 1987 
as an exceptional year, but 
Britain has had steady .growth 
since 1982, In most cases dose 
to the 3 per cent -mark. In 
addition, Mr Stem might have 
noticed that Britain is one of 
the only countries in the OECD 
where unemployment is falling 
rapidly. The argument ' is 
simple; compare Britain's per- 
formance in comparison with 
the EC in terms of productivity 
and growth in 1976 . and 1986, 
In 1976 Britain was the bottom 
performer, in 1966, the top; 
1986 was not just an accident 
There Is a steady progression 
over the 10 years ‘(if -one takes 
1979-82 as being more related 
to the world recession}./ 

I would . also' like to comment 

on his. opinion of Keynesian 
departments. I would not dis- 
pute that their grams have been 
withdrawn. But X. would argue 
that the very faetthat they have 
been unable to : raise -thear own 
funds suggests that toe business 
and economic worlds at. large 
seem to have very Ifttte faith hi 
them. 

- A final comment on Mr Stem’s . 
paragraph on “the proles!" To 
begin with, I find this word 
insulting and feel that it should 




Letters to the Editor 


not be used if one is to achieve 
the elm which Mr Stem 
obviously favours. But Mr 
Stem ’8 attitude is typical of 
some old-fashioned Britons. 
Rather than trying to heal class 
wounds by simply not thinking 
about class, he. chooses to 
encourage a comp ensatin g force 
to snobbery, notably inverted- 
snobbery which inevitably tarns 
tiie situation into enflamed 
etass-confliet as Advocated by. 
the likes of Arthur ScsrgilL I 
might remind. Mr Stein 
that, if anything, Mrs Thatcher 
has* ‘ encouraged prosperity 
among “ the proles,” if anything 
as a pediti^ai expedient. 

A_ Balfour. 

StEdnnmd HdU, 

Oxford 

: Plain old 
measures 

From Mr R. Footer 
Sir,— What hope is there for 
the country if the top financial 
and technical daily recommends 
scales . where “ there are no 
fancy electronics, no messing 
about with' metric measure- 
ments — good old Imperial mea- 
sures ride the day " (How to 
spend it, August 29)? 

If daily newspapers accept 
responsibility, that of the FT 
-is clearly to encourage sensible, 
export-advantage, metrication 
for UK at every opportunity. 
Ron Footer, 

24 Bowford Avenue, 
Bexleyheath, Kent 

Site value 
rating 

From Mr B. Douglas . 

Sir,— James Buxton (August 
28) describes graphically toe 
hardships and administrative 
problems which will - arise if 
the Government persists with its 
present proposals to introduce a 
local poll tax in Scotland. The 
sheer money cost is left to the 
imagination,, but wQi certainly 
be enormous. 

In toe early years of this 
century, the great majority of 
Scottish HPs favoured a very 
different alternative to the 
present rating system— ie, toe 
rating of site values. Legislation 
was only prevented by obstruc- 
tion from the House of Lords. 

- The thinking behind this pro- 
posal was simple. Everyone 
would be paying exclusively for 
toe benefit he was receiving- 
toe state-protected monopoly 
over a part of to© country. 
Nobody would be penalised for 
making good use of his land. 
There would be strong fin a nc ial 
discou ragement against anyone 


holding land out of use for 
speculative purposes — eg, office 
blocks kei«t empty in anticipa- 
tion of ruing land values. As 
the value of a site could not 
be concealed, assessment would 
be simpler and cheaper than 
under the existing system (or, 
a fortiori' under the new 
proposals). 

The arguments for site value 
rating which were perceived by 
most Scote to be valid at that 
time appear equally valid today. 
Roy Douglas, 

26 Downs Road, 

Coulsdon, Surrey. 

Venture 

capital 

From Mr S. Ryan 
Sir, — The Cambridge re- 

searchers (August 25) drew 
attention to toe fact that ven- 
ture capital companies are 
generally speaking not inter- 
ested in looking at proposals 
whereby they invest less than 
£250,000 because of the time- 
consuming procedures needed 
for weighing the future poten- 
tial of the business. By impli- 
cation, therefore, anything less 
than that stun cannot be made 
into a viable proposition. Why 
should it be, therefore, that an 
English clearing bank should 
be able to offer this service and 
make a profit out of it where 
others apparently have failed? 
Many of our customers believe 
their problems would be solved 
if their bank would only throw 
money at them, but that would 
hardly be a service to share- 
holders, depositors, bank staff 
or customers themselves. 

S. M. D. Ryan. 

472, Old Bedford Rood; 

Luton, Beds. 

A strategy for 
electricity 

From Mr P. Larkin 
Sir,— Mr John Lyons (Septem- 
ber 1) is mistaken in assuming 
that I “take it for granted" that 
by breaking up the GEGB, 
there would be competition In 
toe generation of electricity. 
On toe contrary, I was trying to 
make toe point that there would 
be no chance whatever of mar- 
ket forces having any impact 
on toe costs of power genera- 
tion without such a step being 
taken. 

By coincidence, a report 
elsewhere in toe same issue 
would seem to support this 
argument Max Wilkinson 
writes that the Electrical Power 
Engineers' Association (Mr 
Lyons' union) is opposed to toe 


break up of toe CEGB. It will 
tell the Government that “it 
will not allow private sector 
power stations to be Operated 
with workforce numbers lower 
than those now established by 
national agreements.” 

It may be that private sector 
management will not wish to 
vary current manning practices 
but no union has the right to 
insist that there shall be no 
change, nor that negotiating 
arrangements appropriate to a 
monolithic monopoly shall apply 
to whatever new form the in- 
dustry takes. 

If the politics of the last 
eight years have had no other 
purpose, one of the objectives 
has been to reduce public sec- 
tor unions' stranglehold over 
the economy. While this is not 
necessarily an objective of de- 
nationalisation, I sincerely 
hope that Max Wilkinson is 
wrong in suggesting that the 
unions* opposition may deter 
Cecil Parkinson from introduc- 
ing whatever organistional 
changes are deemed appro- 
priate for the future efficiency 
of the industry in private hands. 
Philip M. Larkin. 

86 Woodland Drive, 

Watford, Berts 

Completely 

unbundled 

From Mr J. Powell 

Sir, — In the new world of 
deregulation, stockbrokers’ 
commissions and services have 
become completely unbundled. 
Your reporter (August 27) 
misses this point. The stock- 
broker’s client has the option 
of paying whatever commission 
he can negotiate for toe level 
of services he requires. Xf he 
is a fund manager, this must 
be c onsis tent with his fiduciary 
responsibility to his client Thus 
toe stockbroker's client can pay 
tor what he wants and not pay 
for what he does not want. 
Moreover, toe amounts paid 
ran be specifically quantified 
in relation to the services re- 
ceived and these amounts will 
be disclosed. 

For example, If a client re- 
quires execution only, he can 
go to a stockbroker who could 
provide this basic service for 
one price. If, however, the 
client requires some additional 
service, such as ideas, resea r c h , 
client visits, briefings, etc, then 
toe client may pay more under 
the proposed rules, provided 
the service is such that it can 
assist in improving the invest- 
ment performance. 

The soft commission stock- 
broker does not produce 


in-house research, like a tradi- 
tional broker, but rather con- 
tracts with an independent 
source to provide such service 
to his client in exchange for 
an agreed amount of commis- 
sions. The principle is similar 
to that of a traditional broker, 
but in fact is more clear cut 
because the commission cost can 
be directly related to toe ser- 
vices given. Payment for toe 
service is made directly to toe 
provider of the service and not 
to the client. The net effect 
is not materially different from 
the traditional stockbroker 
assuming the cost of his in- 
house research from his com- 
mission revenue. 

As for suggesting that by 
going to a market maker, the 
client may pay no commission 
at all, this is illusory. Market 
makers are not giving money 
away; their “ commissions " are 
built into the net price. Surely 
the most explicit arrangement 
is one where the client sees the 
price of the stock, and also the 
exact commission he negotiated 
and how that commission re- 
lates directly to the level of 
service he has received — all 
as provided for under the SIB 
and SRO regulations, and all 
disclosed. 

J. Andrew PowelL 
Powell GRC, 

16, Hanover Square, Wl. 

Friends 9 Provident 

Knlc up 

From Mr M. Bittner 

Sir,— Further to D. Tasker's 
letter (August 27) there are 
other disturbing elements in 
the Friends’ Provident-Abbey 
National affair. In bis letter to 
intermediaries, F. G. Cotton, the 
managing director of Friends’ 
Provident, says: “With your 
support we have grown to be 
a major force in toe life market 
and recognised as *best advice* 
by any criterion. Abbey 
National; after researching toe 
market and talking to other life 
companies, has recognised this 
and chosen to recommend us as 
best advice.” 

It is somewhat alarming to 
find the general manager of a 
major life office so to mis- 
represent the best advice prin- 
ciple as to imply that a tied- 
agent can, in any way, be repre- 
sented as offering it The whole 
point of polarisation is that a 
tied-agent cannot represent 
itself as offering best advice and 
for one major life office to assert 
otherwise is really most disturb- 
ing. 

Already too many of toe 
big players (banks, bitilding 
societies and insurance com- 
panies) are trying to have toe 
best of both worlds. It U time 
for SIB to blow the whistle on 
them. 

Mark Rittner, 

Cockspur Life and Pensions 
Consultants, 

University House, 

Lower Gromenor Place, SW1. 


ADVERTIS] 


Mv’.IW 


ST 


BUILDING SOCIETY INVESTMENT TERMS 


AMarNaflontf (01-48655553 . 


Aid to Thrift (01-638 0311). 
AHUnce aod Lefceste-*— . 


AkiHb*.. 


Bamdejr (QZ26 299601) 

Bl i iilnat MH MWMW 
(0902 710710) 

Bradford and Btagltv <0274 563545) 


Bristol aod West (0272 294271). 


Britann ia (0538 3993 99) 

Cartfiff (022227328) ■ - 

Catholic (01-2226736/7) 

OMtwy (EdMw*> (031 556 ITU) 
Ctaetaea (01- 6 020006) 

Cheltenham and Gloucester — — 
(024236161) 

Cheshunt (0992 26261) 

City of LondOB, The (0 4862 2B233) 
Coventry (0203 52277) 


Frame Sefwootf (0373 64367) 
Gateway (0903 68595) 


Greenwfdt (OX-858 82123 . 
GuanAan (01-2420811) _ 
HaHfeof — 


Hendon (01-202 6384) 

Lajrteth (m-928 1332) --- - 

Lancastrian C061 643 1021) _ 
LeanriOBton Spa (0926 27920). 


Leeds aadHotbecfc (0532 459S3D. 


Matsden (0282692622) _ 

Mon U ng u n t (02-4853875) , 
National and ProahsM* — 


National Coootles <03727 42211) . 
Nationwide (01-2428822) 


Newtary (0635) 43676 ■- — 

Newcastle (091 232 6676) 

Northern Rode (091 285 719D 


Norwich & Petertf 9 b (0733 51491) 

Notdnrfara (0602 481444) 

Peddnm (Fteephone Paddan) 

Portmao (020Z 292444) — 

Portsmouth <0705 671341) — 

Regency (0273 724555) - - 

Scarborough (0723 36 B1 55) 

Sidptoo (07564581) 


Stroud and Swfatfm*- 


Sasse* County (0273 47167D — 
Town and Country (01-3531476) . 


Wessex ( 0202 767171) 
WooWctr.— — — - 


YoriQbire (0274 734822) . 



Applied 

Net 

Interest 

Mlntnun 

Product 

rate net 

CAR 

paid 

balance 

Sterling Asset 

8^0 

830 

Ywriy 

Tiered 

Five Star 

BjOO 

aoo 

Yearly 

Tiered 

Cheque-Save 

735 

730 

*M«nrty 

Tiered 

Share Account 

5J00 

506 

^■yearly 

a 

Ordinary Sh. Ac. 

a 25 

8.42 

1 2'ye®riy 

£1 

Prime Plus 

GoM Pta 

&75 

aoo 

a7s 

aoo 

Yearly 

Yearly 

Yearly 

£10000 

£25000 

BankSove Plus 

725 

725 

£10000 

Read* Morey Plus 

5j00 

506 

Vyearly 

£1 

Capital Bonn* 

8-50 

830 

Yearly 

£25,000 

Capital Bond 

830 

830 

Yearly 

0,000 

Summit 2nd max. 

825 

825 

MJYeeriy 

£1000 

Premier Access 

BjOO 

800 

Yearly 

£25,000 

0,1)00 

Premier Bonus 

B.75 

are 

Yearly 

Mnhnlser Bonus 

750 

730 

Yearly 

0.000 

Maxlmlser Inc. 

BJOO 

800 

Yeariy 

£5000 

Maxfmber Grwtft. 

8 50 

830 

Yearflf 

£5000 

Matrfxcard 

5-00 

506 

*wrearty 

a. 

No. 1 Capital 

No. 1 Income 

8.60 

830 

830 

830 

Yearly 

Mommy 

£25.000 

£25000 

Triple Bonos 

aio 

urn 

Yearly 

£25000 

Share Account 

500 

506 

VyeaHy 

a 

O'Sens Inv. Bd. 


— 

Yearly 

£1000 

Tr. Sapr. Cold + 

UPfl 

820 

Yearly 

£25,000 

90-Day Account 

aos 

821 

^yearly 

£1000 

Jubilee Bond II 

830 

830 

Monthly 

£2000 

Red. Rale 20 Vra. 

a so 

8-BO 

Yearly 

£1 

Lion Shs. (S. 1*0 

8.75 

a75 

Yearly 

£500 

CheH. Gold 

8J» 

aoo 

Yearly 

Tiered 

Gold uthly. Int 

7.72 

aoo 

Mommy 

Tiered 

Spec. 4-Term Sh. 

8-75 

a75 

M ./Yearly 

£20000 

instant Access 

8X6 

aos 

M /Yearly 

£20000 

Capital City Sold 

835 

835 

Yearly 

£17300 

Moneymaker 

8j05 

805 

Yearly 

£10000 

Moneymaker 

7.80 

700 

Yearly 

Yearly 

£5,000 

3-Year Bond 

830 

830 

a, ooo 

90-Day Option 

830 

830 

Yearly 

£5000 

Gold Minor Acc. 

830 

838 

V*earty 

a. 

Star 60 

Gold Star 

825 

aim 

825 

800 

Yearly 

Yearly 

£20,000 

£20000 

2-yr. term Share 

925 

925 

Yearly 

£2300 

Premier Shares 

8*5 

are 

Quarterly 

£3000 

90-Day Xtra 

7.75 

7.90 

M 02 -yrty. 

£500 

90-Day Xtra 

830 

aiA 

M0»*rty. 

£10000 

90-Day Xtra 

825 

8-42 

M 02 -yrty. 

£25000 

3-Month Shares 

833 

830 

%+yearly 

£1000 

Regal Shares 

920 

9-10 

Yearly 

£250 

Masterplan 

8.75 

are 

Yearly 

CUMIOD 

Fulbf Paw 

500 

536 

>weariy 

a 

Hlgt) Flyer 

825 

735 

825 

735 

Yearly 

Yearly 

£10000 

£1000 

Soper 90 

830 

850 

Yearly 

£10000 


830 

aoo 

Yearly 

£1000 

Capital Interest 
Capital Access 

825 

830 

825 

830 

Monthly 

Yearly 

£5000 

£5,000 

Liquid Gold 

730 

700 

Yearly 

£500 

Premium Reserve 

aoo 

830 

Yearly 

£5,000 

Pay & Save 

5-00 

506 

la-yearly 

O 

Rainbow 

830 

830 

Yearly 

£25000 

Rainbow 

830 

830 

Yearly 

£10000 

Mornlngtop 28 

825 

802 

*a-yeaHy 

£1000 

Notice Account 

830 

830 

Yearly 

Monthly 

Yearly 

£500 

Monthly Income 
Inst. Access* 

820 

aoo 

820 

800 

a.000 

£30000 

Emerald Stares 

*00 

900 

Yearly 

£25000 

Capital Bond 
BoonsBuUder 

830 

aoo 

830 

aoo 

?££ 

£1000 

£25000 

Capfent Bonos 

850 

830 

Yearly 

£25,000 

Ibsum Premium 

Treasure Plus 

aoo 

830 

800 

830 

Yearly 

Yearly 

£25000 

£25000 

Super 90 

825 

825 

Yearly 

£500 

Nova Plus 

BUS 

805 

Monthly 

£20000 

MnyspHwer. Plus 

830 

830 

Monthly 

£20000 


8.05 

805 

£30000 

Prem. Garth. Bud. 

730 

830 

730 

832 

Monthly 

£5000 

£5,000 

Premier Plus 

900 

900 

Yearly 

£25,000 

S*4»r 90 

830 

830 

Yearly 

£20000 

Superstores 

830 

804 

Monthly 

£2000 

Prem. Pins Sht 

825 

825 

M /Yearly 

£50000 

3-Yew Share 


804 

M/l**rty. 

£500 

Plus 

800 

8.40 

Yearly 

£25000 

SoLGU.Cv.Bd. 

830 

830 

M /Yearly 

£10000 

Sovereign 

8.40 

8.40 

Yearly 

£30000 

Sovereign 

Sovereign 

7.75 

735 

7.75 

735 

Yearly 

Yearly 

£5,000 

£500 

Century 12-year} 

823 

are 

Yearly 

£20000 

Sussex 90-0ay 

6.75 

are 

Yearly 

£25,000 

2-Yr, Super Term 

830 

830 

Yearly 

£1000. 

£25000 

MooeywBe 

7.75 

7.75 

Yearly 

S afar £0 

830 

830 

Yearly 

£10000 

Ordinary Shares 

800 

aib 

Vyrariy 

£1 

Capital 

7.75 

7.90 

M-fla-yrly. 

£500 

Prim* 

800 

800 

Yearly 

£20000 

Gurntd. Prm. Shs. 

830 

830 

M /Yearly 

£10000 

Platinum Key 

800 

aoo 

Ytorly 

£500 

PMiimin Key 

a« 

82S 

Yearly 

£10,000 

Platinum Key 

830 

830 

Yearly. 

£25000 


InsL cv. GOK 825/7.75 -Mxxnos 
Instant 7.75/7-50/7.006.75 
Chq. Me. 736fbJBBMJiS 
Instant access 

Easy withdrawal, no penalty 
3 m. m. 8-50 £2i 2 K+, 8 £500+ 
Tiered is 6.50 £500+-, lost. acc. 
6.75 £2» a K+. 5.75 £1+ cor. ate 
ATM access (min. bal. £100) 


Tiered rates from £100 
Differential guaranteed 2 yean 


Inst. Acc. £500 645 


Instant access, no penal 


% 


Guaranteed rate 2/3 yews 
limn. wdl. Im. pen. or 3 inths. 


No notice/penalty 


tlO.UUU f.T7, 

Close 90 days' not. & penalty 
£500-+ 825 90 days’ not/pen. 
On demand: 0-18-yearotds 
60 days' pen/not. £500+ 8.00 
Inst. £10 K+ 7.75, £5K+ 7 JO 


90 days, but 
Instant where 
£5,000 remains 
3 months’ i w t ifj 
Inst. os. £8K, 60d. after 1st yr. 
Instant access no penalty 
Immediate 

Withdrawals on demand 
without penalty 
90 days' notice or bnm. acc. 

+ 90 days' kw of Interest 
90 days’ notice or penlw 
Sams N/A on bal. £10,000-+ 
75 E5K+7.7S £L0K+8 £25K+ 
325 premium guaranteed 1 yr. 
700 £2.000+ 


90 days' notice or penalty under 
£ 20,000 

No notice do penalty 
Immediate If £20,000 remains 
90 days’ notice or penalty 
7.75 £10 K +. 7 .50 £5K+, 72S 
_ £2K+. 6.75 £500+ 

825 EL0K+, 8.00 £5K+, 
7.75 £500+ 

Instant access. Tiered afc 
3 mths. not/pen. Tiered a/c 
90 days' notice or penalty 


7-35 £500-+ Instant access 


No restrictions over £10,000 


Instant access/No penalty 
Monthly Income available on 
Investments of £2300+ 


Chq. bky Visa/ATM cds.int.var. 
Withdrawal available 
No notice no penalties 
90 d. noL/peo, £10K+ 1mm. 
Instant access. 720 £500-+, 
720 £5K+, 7.75 £10K+ 


60 days' 


notice/penalty 
#er £10,000 


* For telephone see local d i re ctor y. CAR - Annual yield after Merest compounded 







Financial Times Saturday September 5 1987 


UK COMPANY NEWS 


IBC agreed 
£98m offer 
for Barham 


BY PHILIP CCKH5AN 

International Business Com- 
munications, business publisher 
and conference organiser, is 
making a recommended £98m 
offer for Barham, publishing, 
and financial services group. 

The groups have publishing 
interests in common. ESC con- 
centrates on specialist news- 
letters such as International 
Insider, the Euromarket weekly, 
while Barham has become best 
known for the investor tipsheets 
Fleet Street Letter and the 
Fenny Share Guide, 

Mr Michael Bell, IBCs chair- 
man. sees substantial oppor- 
tunities to cross-sell conferences 
and publications to the com- 
bined group's total of nearly 
500.000 subscribers and dele- 
gates. 

However, unlike IBC, Barham 
is involved in a wide range of 
fields, with publishing pro- 
viding about 40 per cent of last 
year’s ore-tax profits of £4.5ra. 
A third comes from advertising 
and market research and the 
remainder is split between 
property services and type- 
setting. Last month, the group 
further expanded its range 
through the acquisition of the 
Hombackle Mitchell group of 
financial sendees companies. 

IBC and Barham were both 
formed from shell companies. 
IBC reversed Into the listed 
Irish engineering group. RTD. 
in November 1985 and since 
then has expanded rapidly by 


means of acquisitions, including 
those of Stonehart Publications 
and Banking Technology. On 
Tuesday, it announced a 138 
per cent jump in interim pre- 
tax profits, to £1.9m. 

Barham was formed when 
accountants Mr Norman Fetter- 
man and Mr Tony Ward 
acquired a 54 per cent stake in 
Doflonds Photographic, which 
had earlier been known more 
colourfuily as British Cinemato- 
graph Theatres, in 1983. The 
duo quickly sold off the photo- 
graphic shops and expanded the 
group, thereby helping the 
shares to become the second 
best performers on the stock 
market that yean 

However, the range of the 
company's activities caused 
some to criticise it for lack of 
focus. 

Terms of the offer are 19 
IBC shares and £9.85 in cash 
for every 18 ordinary shares in 
Barham. On the basis of last 
night’s closing prices of 251p, 
up 16p, for Barham, and 20 Op, 
down 3p, for IBC, each Barham 
share is valued at 200p. There 
is a cash alternative of 250p a 
share and 130p for the 
preference shares. 

The directors, who own 11JB 
per cent of the equity, have 
undertaken to accept the offer, 
although they have not as yet 
indicated whether they will 
accept cash or shares. 


Macarthy pays Guinness 
£43m for Drum] 


nr DAVID WALLER 

Macarthy, the phannacuetical 
wholesaler and retailer, is to 
double its size through the 
£42 .6m acquisition of the Drum- 
mond Pharmacy. Group from 
Guinness, the drinks giant 
which is in the process of dis- 
posing of its non-care activities. 

The acquisition is to be fin- 
anced by a one-for-one rights 
issue raising a total of £52.5m, 
£&8m of which will be used to 
cut borrowings. Subsequent to 
the deal, Macarthy will have a 
market capitalisation of approx- 
imately £100m. 

“ This fulfils a dream I have 
had for some time,” said Mr 
Nicholas Ward, McCarthy's 
chairman and chief executive. 
Formerly head of Guinness' re- 
tail division, he was appointed 
to Macarthy 18 months ago 
after the intervention of a 
group of institutional share- 
holders. He has been negotiat- 
ing to buy Drummond from his 
former employers ever since. 

For the 15 months to the end 
of December 1986, Drummond 
made profits before interest and 
tax of £3m. Its net assets were 
£H-lm at the end of the year. 


ij.tlmi 


"This is clearly an expensive 
acquisition,” said one analyst; 
“ the exit p/e works out at 27. 
But it transforms the company 
and there will be very real 
synergies.” 

Despite the prospect of earn- 
ings dilution in the short terra, 
Macarthy’s shares rose 28p 
yesterday to 538p, well above 
the 400p price of the new 
shares. 

Macarthy supported the coll 
on its shareholders with a fore- 
cast that it would make pre-tax 
profits of no less than £5 .5m 
for the year to October 3, 
compared with a profit of £6 Jm 
in the 17 months to September 
30 last year. The final dividend 
will be 7p a share. 

Shares in Guinness rose lOp 
to 365p yesterday. It said it 
would use the sale proceeds to 
cut borrowings. 

• Guinness has reached an 
agreement with Carlsberg 
whereby Guinness Ireland will 
assume responsibility for the 
production, sales and distribu- 
tion of its brand in the 
Republic of Ireland. 


Blue Circle 
up to £ 60 m 
in spite of 
US price war 

By Steven Butler 

Blue Circle Industries; the 
large UK cement company, 
managed to boost pre-tax 
profits by 40 per cent to 
£59.7m despite a price war 
in the US. Profits at William 
Bros, Its Atlanta-based sob* 
si diary, were badly hit and 
plunged from $12m (tV23m) 
to 91.2m. 

UK operating profits rose 
from £12^m to £3tlm, with 
the bulk of the increase due 
to a £10-4m improvement at 
Blue Circle Cement, where 
sales volume rose U per 
cent. Higher profits were 
attributed to a multi-year 
rationalisation programme 
and came in spite of a 
softening in cement prices 
after the termination of the 
Common Price and Market- 
ing Arrangement in Feb- 
ruary. 

Profits at Armltage Shanks, 
the bathroom and sanitary- 
ware subsidiary, rose from 
£4J2m to £S.Gm, and Blue 
Circle has identified this 
business as an area for 
development 

Operating profits from pro- 
perty development rose from 
£L2m to. £L2 hl Some 350 
houses are to be completed 
this year, with lj 90Q comple- 
tions the target for 1989. 

Group borrowings fell 
sharply from £394za at the 
end of 1986 to £179m at the 
end June, bringing down 
gearing from 42 per cent to 
17.7 per cent. Reduced 
borrowing resulted in a drop 
of net interest payments from 
£17.7m to £10^m. 

The drop in borrowing came 
from a disposal of overseas 
subsidiaries, and Blue Circle 
will use the cash to provide 
working capital for property 
development and other UK 
operations. 

Operating profits from, tile 
US fell from £23 Jm to 
£13. lm. Some £900,080 of the 
decline was due to currency 
movements, and nearly all the 
balance because of tile 
Atlanta price war. 

The situation was caused by 
an eight to 18 per cent con- 
traction in the market follow- 
ing several boom years that 
had attracted a number of 
smaller operators to the mar- 
ket Sales at Williams, the 
largest supplier in the market 
were elf about 1 pec cent 
while prices fell by about 20 
per cent 

“Our policy is to meet the 
compeltion and not allow a 
fragmentation of the market” 
said Mr Poole. The market 
was not expected to improve 
substantially until the spring 
of 1988. 

Earnings per share at Blue 
Circle rose from an adjusted 
12.7p to 17.3p. and an interim 
dividend lifted from Sp to 5p. 
Below-tbe-line figures were 
boosted by £69.4m of extra- 
ordinary items owing to the 
sale of assets. 

See hex 


Two Bestwood deals cost £15m 


BY DAYID WALLER 

Bestwood, the investment and 
property services group, is to 
buy two private companies, a 
property developer and a civil 
engineering contractor, for a 
total of £l5.43m, payable in a 
mixture of shares and cash 
raised from a vendor placing, 
Furlong Brothers (Construc- 
tion) is a Walthamstow-based 
residential property developer; 
Furlong Brothers (Chmgford) 
is a civil engineering contractor 


specialising in the construction 
of roadways and carparks. 

The vendors have warranted 
pre-tax profits of £2m for 1987, 
£3m for 1988 and £3.75m in 
the following year. They will 
receive an upfront payment of 
£7. 5m, £2m in shares, and the 
balance in two annual tranches 
of £4m in shares if the profit 
forecasts are met 

Bestwood’ s equity will expand 
by 163 per cent at once. There 


win be a claw-back facility for 
existing shareholders wishing to 
subscribe for the shares pro- 
visionally placed at I24p, 
against 133p yesterday, down 4p 
on the day. 

Bestwood yesterday announced 
pre-tax profits of £988,000 for the 
six months to June 30, against 
a restated £947,000. Trading 
profit amounted to £lB9m 
(£L43m), and central costs 
were £606,000 (£411,00). 


New Guernsey heads for 
market with £2m price tag 


BY FIONA THOMPSON 

New Guernsey Securities 
Trust, a Guernsey-based invest- 
ment trust, has published the 
prospectus for a placing and 
en offer for subscription which 
will bring it to the stock 
market With a capitalisation of 
£2m_ 

New Guernsey’s aim is for 
capital growth by investing in 
medium-sized listed companies 
which specialise in a particular 
industry or service sector. The 
plan is to invest 70 per cent of 
the assets in sterling securities, 
with the balance mainly in 
North American markets. 

About 2m shares are being 


offered at lOOp each. Of these, 
lm have already bees placed. 
The Issue has not been under- 
written. 

Dealings in the shares vdll 
begin on September 28. The 
brokers are Laurence Prust. 
Framlington Investment Man- 
agement, a wholly-owned sub- 
sidiary of Framlington Group, 
is acting as investment adviser 
to New Guernsey. 

Framlington Group is a fund 
manager which was set up by 
partners of Laurence Prust in 
1969. Four of the five directors 
of New Guernsey ore directors 
of Framlington Group subsi- 
diaries. 


COMPANY NEWS IN BRIEF 


MARINES PETROLEUM’S 
shares were suspended yester- 
day at tire company's request 
pending disclosure of full 
details of Its proposed acquis- 
ition of a private oil exploration 
and development company. 

ESARKHEATH, the property 
company in which Australia's 
Adelaide Steamship has a 
major stake, yesterday reported 
an increase of 1.34 per cent 
in its holding in the ordinary 
voting shares of inks group 
Coates Bros, taking the total 
to 15.6 per cent In addition, 
Marfcheath holds 25.97 per cent 
of Coates' non-voting ordinary 
shares. 

CITY & Commercial Invest- 
ment Trust: Net asset value 
£16.58 (£12.53) per capital 


share at July 31 1987 after 
deducting the Income shares at 
their nominal value; interim 
distribution on income shares 
2.649p (2.446p); and gross 

income £942,000 (£913,000) in 
the six months to end-July. 

KLEINWORT Smaller Com- 
panies Investment Trust: Net 
asset value per 25p ordinary 
share 70L2p (360.5p) at end 
of six months to July 31 
1987. Total income £382.000 
(£348,000) and interim divi- 
dend S.35p (3.05p). 

MENCOM INTERNATIONAL 
has taken a majority interest 
in Systems and Business Con- 
sultants, which is involved in 
recruitment and training. 


Fears over 
foreign stake 
in R-R 

By Richard Tomkins 

The number of foreign-held 
shares registered in RoBs-Boyce, 
the newly-privatised aero- 
engine maker, has reached 
11 per cent compared with a 
maximum allowable level of 
15 per cent. 

The figure will reinforce fears 
among foreign shareholders 
that the total number of shares 
in overseas investors’ hands bas 
breached the ceiling. The 
actual' level will not be known 
until the share register is com- 
piled. following the payment of 
the second instalment on the 
share price later this month. 

Rolls-Royce reminded share- 
holders yesterday that the 
second and final instalment of 
S5p per share must be paid by 
September 23. 


Hampton Trust 
receives approach 

Hampton Trust, the property 
and gold Investment 

company, yesterday alerted 
shareholders that It had 
received an approach which 
might lead to a 120p-a-sbare 
bid. At this price the 
company to valued at £L00u. 

The identity of the possible 
bidder was unclear although 
brokers believe that the cash 
nature of the hid suggested 
that a foreign party, possibly 
Australian, could be involved. 
The Shohet family, with 19 
per cent aw * two members on 
the board are not believed to 
be involved in the bid. 


Clay Hams on the background to Ladbroke’s takeover of Hilton International 

Making an offer that couldn’t be refused 


NEITHER Ladbroke Group nor 
its chairman is famous for 
modesty, but Mr Cyril Stein's 
description of his company's 
$LQ7bn (£645m) acquisition of 
Hilton International as a "coup’ 
’was nothing short of the truth. 
Ladbroke and its merchant 
bask, Charterhouse, knew that 
AUegis Corporation, US parent 
of United Airlines and Hertz as 
well as Hilton, wanted nothing 
more than a certas sale, tied up 
without any possibility that the 
hotel chain's chequered recent 
ownership history would be re- 
peated. 

The last thing AUegis 
wanted, embarked as it is on a 
radical disposal programme to 
fend off predators, was to find 
itself in the same positi on a s 
TransWbrid, the former TWA 
parent, late last year when an 
agreed sale of Hilton to KLM 
was blocked by the Dutch air- 
line's supervisory board. AUegis 
bought Hilton in April but de- 
cided in June to sell k. 

Ladbroke and Charterhouse 
played on these fears to the 
full, and mobilised the arcane 
rules of London capital markets 
as well, when they told Allegis 
and First Boston, Its adviser, 
that it was Thursday or never 
for the British company’s bid. 

More than slightly confident 
of eventual success, Charter- 
house several weeks ago had 
booked a position for yesterday 
in the Bank of England’s rights 
issue queue. If this had to be 
given up, Ladbroke warned the 
Americans, who knew when 
another chance might come 
along? 

This brazen approach reflected 
Ladbroke’s determination to 
win Tnimn thin Tfm p,. having 
placed third or fourth in the 
December auction. Mr Stein 
had not been, swayed from his 
original conviction that Hilton’s 
90-plus hotels in 44 countries 
provided an unparalleled appor- 


OTHER SALES BY ALLEGIS 


Hfitaa Is one of three 
main operations which AUegis 
bar been seeking to sell to 
return to Its core business as 
operator of United Airlines, 
writes Gordon Cramb la New 
York- The Westin hotel 
and Hertz car rental 
network are also expected to 
go for $lbn or more. 

muon had attracted the at- 
tention of other airlines, with 
Lufthansa and Texas Air 
among those reported to have 
been interested. The deal with 
Ladbroke thus excludes the 
possibility of a sale to a com- 
petitor which might fare 
better in putting together the 


initial Allegis virion of aa 
integrated travel services 
group. 

Allegis is also aiming to 
Unlock cash front its airline 
side, possibly by selling an 
interest in. Apollo, its reser- 
vation system which Is being 
taken as the model for A 
European venture linking 
United with British Airways, 
war (another former Hflton 
suitor) and Swissair. 

The Chicago-based group 
meanwhile remains under 
pressure from Its pilots’ 
union which would like to 
take the airiine private in a 
highly-leveraged buyout. 


tonify for Ladbroke to break 
into an entirely new world 


The confidence that this view 
would be widely shared made 
Ladbroke wffifng to test London 
market sentiment with its 
second larger rights issue in six 
months. The latest one-for-five 
cash call will raise £254m to 
add to the £294m net proceeds 
of the three-fbr-10 issue in 
April. 

Although Ladbroke claimed 
to be willing to back its long- 
term judgment against any 
short-tom market qualms, thin 
turned out not to be necessary 
as its share price (slightly 
softened by last week's dis- 
closure of the desire to buy 
Hilton) added 2p to 44lp 
yesterday. 

Ladbroke was able to offer 
cash on the nail by arranging 
a donarborrowine facility with 
banks led by Barclays and 
National Westminster to cover 
tile fan Slbn-plus purchase 
price. The rights issue proceeds, 
slightly delayed by the secrecy 
surrounding the deal, are com- 
mitted to paying down this debt 

Ladbroke’s long attention to 


Hilton was illustrated by its 
immediate plans to divide the 
combined group’s hotels into 
three tiers — luxury Hiltons 
(including some of Ladh rake’s 
top properties), a new brand of 
HiKon Tims ( provincial four- 
star hotels) and. Ladbroke 
hotels which do not fit Into 
either category. 

Of the 91 hotels operated 
by Hflton, it owns 44, partly 
owns another 14 and bas man- 
agement contracts for the 
r emaining S3. Yesterday’s deal 
also includes a. renewable 20- 
year contract to operate toe 
Toronto Westin, owned by 
another Alleg is subsidiary. 

Stating, characteristically, 
“the Hflton name is synony- 
mous with hotels,” Ladbtroke is 
clearly determined, to squeeze 
every advantage out of ft. 
Marketing efforts are likely to 
make more use of the exclusive 
right to toe name outside the 
US. The Hilton Inn name wfEl 
be franchised within Europe. 

Hflton expects to raise £4Qm 
through the sale of about 10 
provincial hotels Which do not 
fit into toe new s tr u ct or e. Mr 
John Jarvis, the Ladbroke direc- 


tor who wiH take over executive 
responsibility for the enlarged 
hotels operation, said yesterday 
that there were no unanedaate 
pinna to sell any London hotels. 

But if tois changes (perhajg 
because intra-group deals fori to 
materialise), disposals could 
not come at a better time for 
a seller as asking prices for 
even mm-of-the-naiH London 
properties have soared to 
£80,000 to £90,000 a room. Some 
hoteMrax^ry UK groups would 
not be able to pass up the 
opportunity. 

One winch does not bide Its 
interest is Pleasurama, wtacfii 
is seeking -its first London hotel 
of between 100 and 300 rooms. 
Mac Nat Solomon, chairman, 
blanches at toe going prices, 
box feels that his group's pro- 
posed takeover of President 
Entertainments, the marketing- 
led restaurant company, makes 
it feasible. 

Mount Charlotte Investments, 
which has already spent heavily 
on London hotels this year, may 
be less interested in Ladbroke’s 
portfolio but Mr Robert Feel, 
manag in g director, praised the 
Hflton deal: “It is exactly the 
irind of thing we would have 
loved to do if we were that 
much more mature and bigger.” 

Ladhroke's hotel operations 
achieved pre-tax profits of 
£27 JOn (27 per cent of the 
group total) on turnover of 
Jiai.ni in 1986. Hilton last year 
saw pre-tax profits fall by 21 
per cent to $47 Jm on revenues 
Of $754 JShl. 

Although Ladbroke expects 
to achieve significant benefits 
through economies of scale 
and to broaden Hilton's appeal 
from, its traditional reliance on 
US tourism, its hotel operations 
can never be divorced from the 
underlying property assets. 

With out exception, Ladbroke 
is not interested in hotels which 
do not show capital gains as 
well as trading profits. This is 
one reason it has avoided North 



John Jarvis — From. Texas to 
Hilton. 

America, even to the extent of 
selling the Rodeway Inns motel 
franchise operation for $20m 
in June. 

Ladbroke will re v a lue HfltmTs 
hotels after the acquisition is 
completed. Hflton’s latest re- 
ported. net assets of $1973m 
considerably . understated the 
underlying value, it said, be- 
cause hotels were carried at 
cost less accunutated deprecia- 
tion. according to US practice. 
The figure also did not take 
account of long-term manage- 
ment contracts. 

Mr Jarvis will relinquish his 
executive responsibility for Lad- 
broke ’s Texas Bomecare DIY 
retailer, to be succeeded by 
Mr Keith Edelman, another 
Ladbroke director. Mr Michael 
Hirst, Ladbroke hotels manag- 
ing director, will also join 
Hilton. 

Mr Helmut Hoermann. will 
remain as Hilton's president 
and chief operating officer, and 
Ladbroke praised the ‘‘wealth 
of management resource” in 
the acquired company. 


US problems hit Sedgwick profits midway 


BY EMC SHORT 

Sedgwick Group, major inter- 
tkraal insurance broking group 
national insurance broking 
group, has reported a. 12.5 per 
cent toll in pre-tax profits at 
the. interim stage,, Iron £92JSm 
to £Slm. 

Earnings fell from £57_5m to 
£52fim, the earnings per share 
dropping from 12Ap to 15.6p. 

An unchanged interim pay- 
ment of 4p per share has been 
declared. 

Revenue rose by 814 per cent 
from £330m to £357.7m, while 
expenses tor the period were 
17.5 per cent higher at £28. lm, 
against £236. 7m. 

The figures Include contribu- 
tions from the US acquisitions 
made in the second half of 1986. 
Adjusting for that; revenue rose 


only 2 per cent while expenses 
were 11 per cent higher and 
earnings per share fell by 20 JS 
per cent 

Overall trading was. hit by a 
number of adverse factors, par- 
ticularly in the US. 

Premium rating levels have 
been falling, especially tor US 
property insurance, and this 
trend 2s continuing. Mr Carel 
Mosseimans, chairman, admitted 
that tie speed of the decline had 
not been expected and had put 
pressure on profit margins. 

In addition the recession In 
toe oil and gas industry, in 
which Sedgwick has a major 
involvement, has now hit the 
main operators. 

The reinsurance business was 


bit hard by the senior staff 
defections from Sullivan. Payne 
and the shortage of capacity in 
London and the international 
reinsurance markets. 

The weakness of the dollar 
had also had an impact on 
profitability, though the hedging 
policy mitigated the losses. 

Pre-tax profits from the. US 
fell from £28u6m to £1&? m. The 
drop is even sharper if last 
year’s pr ofit i s adjusted. Profit 
from the UK held np wen, fall- 
ing from 150.1m to £49.5m. 

# comment 

Sedgwick’s interim figures 
were disappointing, but not 
wholly unexpected. Everything 
seems to have gone against the 
group during the period par- 


ticularly in the US- The next 
downturn in the US insurance 
cycle has gone quicker and 
more sharper than expected and 
the timfng of Sedgwick's ex- 
pansion. In the US may be ques- 
tioned. The group has to step 
up its revenue growth rate and 
make a concerted effort tu cut- 
back its expense growth. There 
seems little prospect for the 
former to happen, during the 
rest of this year and. the ex- 
pense reductions . seem In be 
taking the form of a reduction 
in staff numbers and moving 
people out of London. Prospects 
for 1987 look gloomy, with at 
least a 15 per cent drop in pre- 
tax profits to £1 1 5m — prospects 
that are reflected in the 14p 
drop in share price to 290p. 


City of Oxford in 
agreement with. QCF 

City of Oxford Investment 
Trust; the £20m fund managed 
by Mr Fred Cany a director of 
stockbrokers Capet Cure Myers, 
announced yesterday that it has 
come to a peaceable agreement 
with its Antipodean share- 
holder, Overseas- Corporate 
Funds. 

Two representatives from 
OCF, including Mr Geoffrey 
Will — formerly chief executive 
of Morgan Grenfell Australia 
and chief executive of OCF — 
wiH join Oxford's board. OCF 
will then “support” the board 
wife its current 25 per cart 
holding, and guarantee not to 
raise this beyond 29.9 per cent 
for 12 months* OCF to a 
recently-floated, Sydney-based 
Investment company. 


Photax reorganisation begins 


THE REORGANISATION of 
Photax (London), announced 
when John Ferguson became 
executive chairman in March, 
bas begun. The maker and Im- 
porter of photographic equip- 
ment is making two acquisitions 
and a deeply discounted rights 
issue and proposing to become 
a holding company and change 
its name to Arley Holdings. 

The company also announced 
a cut in Its interim pre-tax 
losses from £161,000 to £54,000. 
On turnover for the first half 
of 1987 up at £2.79m (£L58m) 
there was an operating profit of 
£4,000 (014,000 loss) but there 


were interest charges of £58.000 
(£47,000). 

The loss per share came out 
at 4.9 (9.4p) and again there is 
no interim dividend. 

Martin and Field, maker of 
pressed metal components tor 
the motor Industry, to being 
bought for £3 -75m. satisfied by 
£2-25m cash and the issue of 
U5m shares. 

Flaskend, which operates 
through two offshoots, Photo 
Technology and Test Papers, is 
being bought for a ma^mnm 
of £825,000. There to a mini- 
mum consideration of £300,000, 
satisfied by the issue of 306,000 


shares and further profit- 
related payments met by the 
issue of £300.000 of A loan 
notes and £225,000 of B loan 
notes. 

Photax intends to raise 
£500,000 and will Issue the 
shares at lOOp on the basis of 
l-for-4. The shares were 280p 
when they were suspended in 
July pending an announce ment. 
The funds will be used to meet 
the expenses of the acquisitions. 

Directors said it was intended 
to create a broadly-based hold- 
ing company based on the exist- 
ing activities of the company 
and the two purchases. 


Over lm register for 
BP share information 


BY MAX WILKINSON 

MORE THAN lm people have 
registered their names with the 
British Petroleum share infor- 
mation office in preparation for 
the forthcoming sale of the 
Government’s £6bn stake in the 
company. 

The BP share information 
office said that inquiries about 
the sale, which win be wrapped 
up with a £L5bn rights issue 
by the company, were running 
at about 100,000 per day. 

Mr Anthony Alt director of 
N. M. Rothschild, the Govern- 
ment's fi na ncial adviser for the 
sale, said yesterday: “This to 
the heaviest response yet by 
the public to a share offer. Our 
aim. to to ensure that millions 
of people 1,3,1 gain meaningful 
amounts of shares." 

The Government has decided 
to give preference to smaller 
shareholders, even though, the 


compay would have preferred 
a large part of the issue to go 
abroad or to financial institu- 
tions. BP may find It incon- 
venient to have to deal with 
millions of vwijit sh ar eholde rs 
in the future. However, Vie 
Government decided that its 
aim of extending share owner- 
ship was more important. 

Details of haw tha offer to ta 
be structured have yet to be 
announced. The structure hdg 
been the subject of. some nego- 
tiations between the company 
and the Government, partic 
larly in relation to the terms 
a t “clawback.” 1 

This will determine the 
amount by which- overseas 
allocations are to be reduced 
in tiie event of strong over- 
subscription from private UK 
investors. 


DIVIDENDS ANNOUNCED 


Date 

Cones- Total 

Total 

Current of 

ponffiag 

tor 

tost 

payment payment d hr 

year 

year 

. 22 — 

3Ja 

45 

3J5 

. 5 — 

3* 

— 

1L5* 


Armltage Bros, 

Hue Circle ifl£ 

Andre De Brett* Nil 

City ft Com. Inv. T. int 2.65 

F. Copson 1.75 

Elya (Wimbledon) int. 1 
Epwinf ...... int 13 

Gibbs and Dandy.. _int. 1 
Kleinwort SC L T. int. 3J15 

Second Alliance 14 

Sedgwick Groupf int 4 

Dividends shown pence per share net except where otherwise 
stated. * Equivalent after snowing for scrip issue, ton capital 
increased by rights and/or acquisition issues. JUSM stock. 
§ Unquoted stock. S Third market 


_ 

2.45 


5J1 

Oct 9 

1.75 

1.75 

1-75 


1 

M— 

105 

Oct 28 

— 

— 

— 

Oct 23 

— 

— ■ . 

2 

Nov 3 

3.05 

— 

92 

Oct Iff 

1Z5 

21 

I&5 

Oct 23 

4 

— . 

12 


Falmouth to get 
fillip as part of 
de Savary deal 

By Philip Coggan 

Mr Peter de Savary, the 
tfflwiwwman behind Britain’s 
recent attempts on the 
America’s Cup yachting trophy, 
yesterday announced his plans 
to revitalise the Cornish port 
of Falmouth as part of a com- 
plex deal in which oil explora- 
tion company Highland Partici- 
pants to taking over the listed 
ship-repairer A. and P. Apple- 
dare Group. 

A ft P Appledore owns a 
half share in the port and 
Highland will also acquire the 
other 50 per cent Stake cur- 
rently held by Bellway. Mr de 
Savary, who will become chair- 
man of the enlarged group, has 
high hopes that Falmouth can 
be transformed into a major 
port 

Highland Participants is 
offering 144 of its shares, which 
are currently traded under the 
Stock Exchange’s Rule 353(3), 
for evexy 200 in Appledore, 
valuing the group at £13.9 m. 
As a condition of the deal. 
Highland to applying to have 
Its shares traded in the Un- 
listed Securities Market and 

it currently hopes to join the 
USM via an introduction in two 
months time, with a likely 
value of about £40m- 
The directors of Appledore 
and others who own 25 per cent 
of the equity have irrevocably 
agred to accept^ the offer. There 
to also a cadi alternative of 
300p per share. News of the bid 
caused Appledors'S shares to 
leap I25p to 410p yesterday. 

Ur de Savary bought into 
Highland in July and to inject- 
ing a further £3,lm to the cur- 
rent deal, which will leave him 
with 21 per cent of the enlarged 
group. 


LONDON RECENT ISSUES 


ERUIT1ES 



bn 

Rite 

£ 

Aram 

Paid 

Latest 

Emm: 

1987 | 

w 

DMA 

□ 

EV 


F.P. 

E73 

m'l-Ti 



F.P. 

— 

War 

9? 


rv. 

— 

MSP 

laoo 


FJ>. 

— 

1QQ 

» 


fjp. 

— 

lOPa 



as 

urn 

25V 

124 


FJ*. 


am 

2Ute 


m 

299 

3 

tow 


iSVfcC»LPrf. . 


OteWfWd Ptom Hue Cfc Cm. Prt. 

MwBnlnM.Cnm.RHl.Dw-M. 

BlUWUllWteLgM 

On. 10*.% I 


assoc. W,%GHLtaaB7. 
Do. Zero Com, La. _ 


YBhwtoaJra.Wfcta. 0OU&29B. 


Ctafv 

Me* 

£ 


10W 

W*I 

vs* 

w» 

wa 

13% 

205P 


■rt 


“RIGHTS” OFFERS 


hat 

F3 

latest 

UK 

1987 





□ 

El 

a 


H 

330 

k; 

mo 

40pm 

23m 

Canaan sum- Min. 


37 

50 

K 

900 

•wqir 

m 

33m 

162m 


CnU&CmteH** 

UPtfB 

CnmlHMp 

Z3W 

154pm 

32 

wlZ 

iixj 

98pn 

90 m 

OuteetaKlOb 

90 

mz 

EEj 

3Cfw 

2tan 



282 



rm 

lepra 



90 



«w 

5pm 



190 

E 



ZOtm 



e 

400 

zd 

535m 


6torf<»cW5p 


65 

2» 
i aa 

p 

n 

43a 


n' 1 ' 

E3 


1 

1 


Spin 


K~fi 

140 

35 

to 

Spat 


3Mfcj(Wk»Sp 

Vjm 

Ss 

38pn 




orttal.g teamed dMMari 
taoed «i pnraeetH or Mher official 

otter official dttaam for 1987. i. 

wring, q Evrioss based 00 




+1 
— * 
-14 


+1 

-Z 

—3 

+4 


wring. <1 Enriegi Based 00 pralmbex (tents. R FttMuni 

TrnSKSffS. 8 ?? 1 aambg - « font*. 

Ofc OBttiMUiriiiMJtin VaQwfiJiL 1 Kfllldb tCnbr ■ fltfw 
’Vfato.-BR iterated**." .laradWw»JeMlaii«S[ iLSS 


tjMld alter scrip tao-F DMtotianlyM 


antenHsed dMtal uwr and * ran 
tnriwd ihfctemh. uwi nte*»g 




PtoteStert alter loi ate 

r X Ortl SttH * X ttmaet. lEmdartte at Sfe M> 1 OnU 



























0 






jgSfc 

V.ttWfc 
r, Vt *. r 

-=LV.J 

*“* bg 

*a & 

s td!;: 

-*? e*j5i 

**(5* 
-«StBtfc- 
s£ 
3r - HiC. 


pr’itrj™ 

"=:'• sssj 

... 

;r*r .“• 5 

::±i E 

• 1 1 1 

K=P3.’ 



Ji .• 


- V 
} 


Financial Times Saturday September 5 . 198? 

APPOINTMENTS 


ill Samuel Shipping restructured 


Hr Mtefaul Steele has ’been 
appointed chief exec utive eject 
Of HELL SAMUEL SHIPPING 
Holdings, a diTiEifln .of.tbe 
- Hill Samuel Group. He . will 
anceeed Mr Ktetael Twgeod— 
tfce current chief executive— on 
his retdrementin early 1889. The 
company has. restructured \ its 
operation Business urittl be 
divided : between Europe and 
Asia. Captain John Dodsw/irth, 
who was chairman and chief 
executive of Escombe Lambert, 
has become managing director 
for operations in Europe and 
the Americas, while Hr Peter 
Cowling, a director of WaHem 
& Co, . has become managing 
director fbr Hong Kong and the 
Tar East Capt Dodsworth will 
be based at company head- 
quarters la London, and Peter 
Cowling will be based in Hong 
Kong, t 

To . reflect the coordinated 

geographic approach a new 
name, . Wescol International 
Marine Services (WESCOL), -has 
been adopted. The new. name 
has been built from the major 
subsidiary company names of 
Wallem. Escombe, Cleaves and 
Lambert. WESCOL will be 
managed by a central executive 
committee comprising Mr Steele,' 
Capt Dodsworth, Ur Cowling, 
Hr John Spruyt (director of 
marketing and planning), and 
Hr CUve Barton (director of 


finance and- personnel}. None 
of the subsidiary companies wiu 
change its xuun& 

TOD. has appointed Hr BL 
Hinde and Mr C. A. Young as 
directors. Mr Hlnde will be 
responsible for the Westbrick 
Plastics, division, where he was 
formerly managing director of 
its Anmac division. Mr Young 
joins' as- finance director from 
Stone. International where he was 

group financial controller. - Hr 
A. F. BajQlie has resigned as a 
director of Tod, but remains 
' within tiie group with specific 
responsibilities as managing 
director of Brensal, a division of 
Westbrick Plastics. 

*. 

Hr Charles Latter, distribution 
- manag er, and Mr John Hart* 
wrlght, general manager, have 
been a ppoin ted to the board of 
HI SAMUEL. 

★ 

Following completion of a 

private subscription Hr P. J. de 
Savary will own 1.408500 
ordinary shares - in HIGHLAND 
PARTICIPANTS. Mr XL A. F. 
Laseelles 166.666 ordinary 
shares, . Mr . A. A. . D. Montague 
Browne 7,000 ordinary shares 
and Charterhouse Bank 233,333 
ordinary shares; these holdings 
will together represent 29.73 per 
cent of the enlarged issued share 
capital Hr D. X Donnelly has 
decided to step down as chair- 


GRANVILLE 


SPONSORED SECURITIES 


Groat Yiald 


High Low Company . 

206 133 Alta. Brit. tnd. Ordinary 
206 145 Asa. Brit. Ind. CULS _ 
40 . 34 Armftneo and Rhodes ... 
142 67 BBB Design Group (USl 

170 108 Bard on Group 

182 95 Bray Toch no logic* 

264 130 CCL Group Ordinary ...... 

141 99 CCL Group llpe Conv. Pa 

171 138 Carborundum Ordinary — 

102 Si .Carborundum 75pe Pral. , 

130 87 Georgs Blair .............. — 

743 119. tala Group ... — 


79 59 Jackson Group — ...... — 

445 321 Jamas "Buneuflh. 


91 -69 Robon Jookina .......... 

124 42. Scruttona 

220 141 Torday and Carlisle .. 

42 32 Travian Holdings 

131 73 Unllock Holdings fSE) 

221 116 Waltar Alexander 


and. regulations of The Slock. Exchange. Otfaar aaourhlas liatad above am 
dealt in eubleet to dm rules of FIMBRA. 



Prlca C bongo div. (p) 

% 

P/E 


203 

— 

7.3 

3.6 

12.4 


203 

— 

103 

4.9 

— 


39 

— 

4_Z 

10.8 

5.6 


IIQxd 

— 

2.1 

13 

17.6 


170 

— 

2.7 

13 

29.1 


182 

— 

4.7 

2.8 

14.8 

„■ 

284 



11X 

4.4 

83 


Ml 


16.7 

11.1 



17D 

_ 

5.4 

3.1 

14.8 


ICS 

— 

10.7 

103 

— - 


130xd 

— 

3.7 

2.8 

3.3 


.120 

— 

— 

— 

— 


79 

— 

3.4 

4.3 

8.7 


443 

— 

18X 

4.1 

10.1 


94xd 



123 

13.7 

— 


510 

■ — 

— 

— 

20.2 


559 

+ 1 

14 

— 

113 


88 

— . 

14.1 

16.4 

— 


89 



— 

— 

3.0 


i24aua 

— 

— 

— 

— 


220 

— 

63 

33 

10.7 


A2au* xc — 

0.8 

13 

33 


105ad 

~ 

23 

2.7 

193 


221 xd 


B3 

2.7 

143 


197 

— - 

-17.4 

83 

19.7 

) 

135 

— 

B.5 

4.1 

14.3 

art dm It In anbjact to tha 

rulM 


Granville & Co. limited 
8 Lovat Lane, London EC3R 8BP 
Telephone 01-62 1 1212 
Member of FIMBRA 


Granville Pavia Coleman li mited 
-27 Lovac Lane, London EC3R8DT 
Telephone 01-621 1212 
Member of the Stock Exchange 


man but will remain a director. 
The board bos appointed Ur de 
Savary as chairman. Hr T. C 
Hordaunt has become an execu- 
tive director and Hr D. K. 
HacMlduel will be resigning. Hr 
Lescelles will become company 
secretary, 

★ 

ALFRED WALKER has ap- 
pointed Hr P. J. de Savary as 
deputy chairman. 

★ 

GRAND METROPOLITAN has 
appointed Mr Paul S. Walsh as 
senior executive vice president, 
finance. He is elected a director 
of Inter-Continental Hotels Cor- 
poration, and will be located in 
New York. Hr Walsh was 
finance director of Watsey Mann 
and Truman Brewers, Grand 
Metropolitan's UK brewing sub- 
sidiary. 

ANGLO NORDIC HOLDINGS 
states that following the success 
of the recommended partial offer 
by F. L Smidth & Co (Holdings) 
which has taken its holding of 
Anglo Nordic ordinary shares to 
24,586,809 shares (75-23 per cent 
of the issued ordinary share 
capital) the following board 
appointments have been made. 
Hr Birger Hlisager, a non-execu- 
tive director and nominee of 
F. L. Smidth & Co A/S Denmark 
becomes nonexecutive chairman, 
and Hr Brian Wolhon is made 
nonexecutive deputy chairman. 

EURORATINGS baa appointed 
Mr David Rosbton as director — 
marketing. He was with Export- 
Credit Clearing House. 

Hr Daniel Romer-Lee has been 
appointed a director of SMITH 
& WILLIAMSON SECURITIES, 
with responsibility for banking 
activities. 

★ 

Mr David Hopkins, managing 
director, Dorman Smith Switch- 
gear has been elected president 


of The Electrical Installation 
Equipment Manufacturers’ 
Association (EIEMA). Hr 
John S. Horn, managing director, 
Duraplug Electricals, becomes 
deputy president. 

THE BOWMER St KIRKLAND 
GROUP has promoted Mr 
Anthony Irons to be managing 
director of Lindley Plant and 
Johnsons (Ghopwell). 

vr 

GEORGE H. SCHOLES has 
appointed Mr B. V. Harrington 
as chairman following the retire- 
ment of Hr G. R. G. McDowelL 
* 

The R EGENCY BUILDING 
SOCIETY has appointed Hr 
Douglas Baker as deputy chair- 
man. He is a partner and 
chairman of Touche Ross, and 
senior executive director of 
Touche Ross International. He 
is also a member of the London 
board of the Bank of Scotland 
and a director of the London 
International Group. 

EXECTROCOMPONENTS has 
appointed Hr Richard B. BnUer 
as group company secretary. He 
replaces Hr Ron Glennie, who 
is retiring at the end of the 
year. Mr Butler was assistant 
company secretary of Bowthorpe 
Holdings. 

★ 

CCF GROUP, a software house 
specialising In financial services, 
has appointed two non-executive 
directors: Mr Peter Harris joins 
from Letraset, where he held 
various posts including world- 
wide responsibility for marketing 
and managing director of the 
retail division In the Far East; 
and Mr Stuart Neame, a director 
of Kent brewers, Sbepheard 
Neame. lb Nicholas Head has 
been appointed general manager 
of the CCF distributed systems 
division. 


ECONOMIC DIARY 


HONDAY: Department of Trade 
and Industry publishes figures 
for credit business in July; and 
final figures for July retail sales. 
Trades Union Congress annual 
meeting opens, Blackpool (until 
September 11). Two Opec com- 
mittees that monitor Opec out- 
put and spot market prices meet 
in Vienna. 

TUESDAY: Deputy foreign 

ministers from the Group of Ten 
start two-day meeting in Paris 
to prepare for the annual meet- 
ings of the International 
Monetary Fund and the World 
Bank at the end of the mouth. 
Danish general election. British 
Aerospace Interim results. 

WEDNESDAY: Mr Nigel Lawson. 
Chancellor of the Exchequer, 
speaks at Institute of Directors 
conference on wider share owner- 
ship. British Telecom first quar- 


ter results, and annnai meeting, 
NEC, Birmingham. 

THURSDAY: Department of 
Trade and Industry publish 
August provisional figures of 
vehicle production. GBI/FT sur- 
vey of distributive trades for 
August Financial Times two- 
day conference on the world 
motor industry opens in Frank- 
furt Institute of Directors con- 
ference on expansion through 
franchising. Rolls-Royce Interim 
results. 

FRIDAY: Department of the 
Environment publishes second 
quarter provisional figures of 
construction output BSC/ 
BZSPA August figures for nsable 
steel production. August tax and 
price index from the Central 
Statistical Office. Department of 
Employment publishes retail 
prices index for August Rolls- 
Royce interim results. 


FT-ACTU ARIES INDICES 


These Indices are the joint compilation of the Financial Times, The Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS; 
& SUB-SECTIONS 


Fijms ■ paretateses An onto! 
of soda per wtin 


CAPITAL GOODS (211)- 
ButdtJng Materials CM) „ 
Cartradna Castration (33) . 

Electric* (12) 

Electronics (35) 

MKhairical EogineenKp £59) — 
Metals Hi Meta! Fmiig (7). 

Motors (14) 

( 21 ). 
0031. 
Brews an) Distillers (22). 
Food Manufacturing (24L 

Food Retailing (16) 

Kefe Ml Hastate Got* Offl- 

LetimOl) 

Packaging & Paper (15)... 
Pufalr&htncr & Printing (13). 

Stores (36) 

Textiles (16) 


OTHER GROUPS (89). 
Agencies (18) 

CtaTMSfcta) 


Con g lomerates (12) 

Stepping and Transport ( 12 ). 
Telephone Networks (2) _ 
Miscellaneous (24) 


iwiBnifli.cwiip«an^ 


Oil & Gas (17)., 


500 SHARE INDEX BOO)- 


FINANCIAL 689UF(1U). 
Banks (8) 


Insurance (Ufe) <9} 

Insurance (Composite) (7), 
Insurance (Brokers) (8)_ 

Merthait Banks (U) 

Property (47) 

Other Financial (28) 


Investment Trusts (91) 

Mining Finance (2) 

Overseas Traders (10) 


ALL-SHARE WDEXP21) . 


FT-SE1B0 SHARE IttEX*. 


Friday September 4 1987 


laden 

No. 


96226 

1288-77 

172712 

248943 

203315 

51953 

57252 

384.751 

U6657 

13041 

1178.99 

101429 

243832 

2468211 

13S2J6 


683.72 

4744.96 

107228 

82348 

1X3552 


169637 

147837 

1445331 

2255.47 

108057 

166622 


118626 


224756 


1Z78X9 


8X9.97 
816.74 
028.72 
62001 
122932 
493.76 
1 126432 
56134 


03620 

67733 

122427 


061X4 


Index 

No. 


2Z74.9 


& 

% 


+63 

+0A 

+0.9 

+63 

+05 

-92 

+64 

-02 

+0.7 

+04 

+10 

+06 

+13 

+03 

+ 0.6 

+03 

+03 

+DJ 

+0-5 

+04 

+03 

+0.9 

*02 

+03 

+03 

+03 


+03 


+02 


+03 


+OJ. 
—0-8 
+2 JO 

-12 

+02 

+04 

+03 


+04 

-03 

+0.7 


+04 


low's! 

“SBfi 


+63 


■EtLffi 

Ewwra 

lYate*! 

(Haiti 


734 

73B 

6.99 

436 

7.92 
7.75 
633 
739 
5.72 
630 

7.95 

6.96 

5.92 
433 

5.97 

5.97 
436 
630 

732 
757 
433 
635 
7.18 

733 
939 
832 


6.77 


735 


636 


1646 


9.05 

3.78 

5.95 


4.98 

740 


Day's 

Hit* 


Grass 

Div. 

virid% 

(ACTHi 

Z7%) 


235 

235 

230 

2.74 
245 
325 

231 

236 
198 
261 
333 
333 
238 
132 
339 
259 
2.99 
171 
272 
333 
141 
338 
335 
353 

3.74 
231 


231 


420 


3.02 


3.73 

430 
3.78 
445 

431 
277 
235 
272 


2X3 

245 

335 


339 


Day's 

Low 


Ed. 

P/E 

Ratio 

(Net) 


1732 

1637 

19- 14 
2654 
1645 
1625 
17.94 
35.42 
2136 

20- 93 

15.93 
1854 
2248 
2835 
20.90 
•n in 

2939 

2058 

1543 

1651 

3274 

18.40 

15.94 
1267 
1431 
1441 




i*m 


1836 


833 


1434 


34X8 

2130 


2335 

1633 


xdodj. 
1W 
to date 


1450 

1732 

2035 
4137 
33.73 

839 

636 

540 

2437 

1652 

15.79 

1560 

3646 

1641 

2*25 

851 

5963 

1330 

1133 

1BX2 

3464 

3140 

2036 
3932 
1B.98 
2L14 


I fr . g X 


5653 


2024 


1637 

2565 

ZL09 

1359 

2647 

6.92 

1354 

7.91 


1332 

6.79 

2958 


Hus 

¥ 


index 

No. 


1 958.98 1 
320435 1 
171126| 
7476851 
232232 


1948.72 

119046 

170521 

245258 


520.711 
57053 
1 38550 
165551 
130324 
116728 
Hasaia 
240759 
2465521 
2375X4 
168327 
471667 
106537 
181949 
1130W 
169457 
146472 
144252 
2248X8 
107740 
16575B 


118254 


2242.99 


127239 


818.981 

(81733 

010637, 

(62039 

124458 

149230 

1125959 

155822 


1131X3 

677.92 

0235-58 


Wed 

T 


Index 

No. 


1992-95 

517341 

56337 


38230 

imm 

1294X5 1 
115645 
1Q02J4 
240057 
247469 
1366721 
(67935 
W53649 
(105&J1 
1 805.77 1 
122325 1 
1SS6A5 
145358 
1437.21 
2245X0 
106655 
1640.48 


0173X3 


122Z7.il 


026251 


31233 
181231 
2095.93 
1 617.17 
0240J6 
1 491X01 
0244X90 
1 55335 ! 


012113 
1 658X3 1 
0180.940 


Tees 


Index 

No. 


195336, 

EXS 

f 51937 
558.94 
(385X7 

0360.76, 

(69533 

te7458| 
0866.74 
1 80854 
133237 
U98J6 
146769 
1449X5 


108369 

2638X7 


018130 


2270.46 


0274X1 


815.741 

18X768 

msaci 

(61557 

B258SU 

149437 

125562 


55351 


0 13551 
(65128 
118238 


Year 

taratii 


index 

No. 


717.16 

82537 

jjm£| 

40162 

35561 

29234 

H330ASI 

96060 

94931 

72166 

199722 

[ifipnw ! 

$9238 

49154 

pianie 

92332 

547.98 

795.92 

83 

99730 

03 

U55U8 

80052 

11098.94 


864.74 


039540 


909.99 


6Z2^7 
67969 
9ZA26I 
1 495X7 
0195X5, 
(34439 
784^4 
35435 


812X8 

29331 

1668.99 


Highs and Lows Index 


1987 

High ( Low 


103837 16/7 
138138 16/7 
195150 16/7 
Z73365 20/7 
223670 17/7 
54230 29/7 
591X6 30 f7 
40620 16/7 
171149 16 H 
148632 W7 
1269X5 16/7 
109225 16/7 

2649.96 16/7 
269935 16/7 
248859 U7 
73MB 16/7 

4744.96 4/9 

116650 29/7 
87637 15/7 
119230 16/7 
179557 itft 
1479X0 29/7 
1546X2 16/7 
249735 16/7 
1274X4 9/6 

1715X9 17/7 


126836 16(7 


245838 16/7 


1369X3) 16/7 


882X1 

89838 

219873 

664.97 

139956 

51348 

137436 

60348 


16ft 

16ft 

7ft 

20/7 

17/7 

17/8 

16ft 

16ft 


1149X2 

727.93 

122427 


16ft 

3/8 

4/9 


696.73 2/1 

86039 5ft 
118558 2/1 
177222 2/1 

1543J7 2/1 
39355 2/1 

355.97 2ft 
Z7233 2/1 

1179X9 2 A 
95037 2 A 

93834 2A 
73832 2A 
188138 2A 
1645X0 2A 
98635 2A 
49150 2A 
271339 2A 
83527 2A 
54139 2 A 

81539 5A 
111116 2A 
106251 2/1 

1112X4 2 A 
1567X7 2 A 
037X5 5A 
110137 5A 


86036 2A 


150559 5A 


91531 2 A 


615.75 

68537 

86923 

45652 

1089.71 

34535 

80532 

56531 


2 A 
14/4 
2/1 
2A 
14/4 
2 A 
5 A 
2/1 


86757 

34136 

77836 


2A 
2 A 
2 A 


Compilation 

Nigh / Low 


103837 

138136 

195L59 

2733.45 

2236X0 

54230 

591X6 

40620 

171249 

140632 

126935 

1092X5 

2649.96 
VMM 
145059 
73948 

4744.96 
116058 
87637 
1192X0 
179557 
1479X0 
1546X2 
249735 
1274X4 
1715X9 


lb/7 787 
16/7/87 
16/7/87 
20ft /B7 
17/7/87 
29/7/07 
30/7/87 
16/7/87 
16/7/87 
16/7/87 
16/7/07 
16/7/87 
16/7/87 
16ft /87 
2*7/87 
16ft /B7 
4/9/87 
29/7/87 
1577/87 
16/7/87 
17/7/87 
2977/87 
16/7/87 
16/7/87 
9/6/87 
17/7/87 


126336 16/7/87 


245868 16/7/87 


136938 16ft ,-87 


882X1 
89038 
1194. 72 
664.97 
139956 
51X48 
137436 
60X48 


16ft IBI 
16/7/87 
7ft/ 87 
20ft /87 
17/7/87 
17/8/87 
16ft f&7 
16/7/87 


1149X2 

727.93 

1224.27 


16/7/67 
3/8/87 
4/9 437 


m U ,iu m E33SZH m t vt f r:m^7Mi , .r m-h u 


123857 16/7 187 


T ¥ T hP 


228Ml227i4B268X 122495 1 22723 1 2249.7 


Aunstl Year 


224531 16803 124435 16ft 116745 2/1 


50.71 
44X7 
7138 

84.71 
122931 

45.45 
4955 
19.91 

ZH55 

6131 

69.47 

5957 

54X5 

17538 

5*23 

43.46 
5538 
5253 
6236 
5833 

1111X6 

7L20 

1112X4 

9030 

517.92 

6039 


13/12/74 
11/12/74 
2/12/74 
25/6/62 
B AO/85 
5A/75 
6A/75 
6A/75 

m.m 

13/12/74 

13/12/74 

11/12/74 

U/12/74 

286/80 

9/1/75 

buns 

6A/75 

6A/75 

11/12/74 

6/1/75 

2A/87 

1/12/74 

2A/87 

296/62 

30/11/84 

6/7/75 


5931 13/12/74 


87X3 296/62 


6339 1302/74- 


S538 

62.44 

«£S 

43.96 

6536 

31X1 

5631 

33X9 


13/12/74 
12/12/74 
2/1/75 
13/12/74 
16/12/74 
7/1 H5 
20/4/65 
17/12/74 


71X2 

66X1 

97X7 


13/12/74 

30/9/74 

6/1/75 


61.92 13/12/74 


24433 UftTBri 986.9 23/7/84 


FIXED INTEREST 


PRICE 

INDICES 

Fri 

Sept 

4 

Day's 

change 

% 

Dws 

Sept 

3 

xd ariB. 
today 

si a& 
1987 
to date 


— » »»«-■ ■ - - -■ 

Dm uvuwKn 








1MM 


19AM 


738 

2 

5-15 years 

13453 

-OX2 

13470 

038 

9.73 

3 

Ovw 15 years 

14251 

-0X7 

142.90 

— 

9X6 

4 

Irredeemablei 

155.95 

-8X3 

15651 

— 

831 

5 

All slocks 

132X9 

-0X6 

13245 

034 

8.94 


Mu-LMcd 






6 

5yeare. 



11931 

— 

2X8 

7 


1 1 It*" 


33299 


240 

8 

AU stocks 

[552 

Ba 

1X358 

— 

237 

9 


rrra 



— 

■£] 

m 









AVERAGE GROSS 

REDEMPTION YIELDS 

Fri 

Sept 

4 

Tfarn 

f 

Year 

(anrati 

198 

Highs 

7 

Lows 

i 

British Government 

Low 5 years 

934 

939 

833 

9.78 

2 A 

752 

11/5 

2 

Coupons 15 years. 

932 

9.78 

9X9 

1038 

2 A 

853 

8/5 

3 

25 years. 

936 

943 

951 

1038 

2/1 

855 

8/5 

4 

Mediant 5 years. 

10X3 

10X7 

942 

10.80 

2A 

BX9 

815 

5 

Coupons 15 yeats 

1039 

1033 

941 

10X9 

2 A 

8.74 

8/5 

6 

7 

25 years 

High 5 yean 

937 

1059 

935 

1054 

938 

9.71 

10X8 

1034 

2 A 

2 A 

8.75 

858 

8/5 

8/5 

8 

Coupons 15 years 

10X7 

10X2 

9.75 

1057 

2A 

836 

8/5 

9 

25 years 


936 

959 

10X4 

2 A 

8.72 

8/5 

10 

Irredeemables -t 


9.74 

9X4 

1036 

2 A 

847 

8/5 

n 

Index-Linked 

Inflatti rale 5% 5yrs... 

331 

354 

339 

3-95 

2 A 

9.tn 

205 

12 

Inflat'n rate 5% Over 5 yrs... 

431 

3.99 

334 

4X0 

20/8 

330 

6/4 

13 

(nflafn rate 10% 5 yrs... 

354 

3X5 

2X1 

3X4 

4/9 

035 

24/3 

ii 

Inflat'n rate 1D% Over 5 yrs... 

430 

3.98 

3X9 

4.07 

20/8 

3.17 

27/3 

15 

Debs& 5 years 

11X1 

1158 

in_i5 

1157 

25/8 

936 

12/6 

16 

Lons 15 years..™. 

11X1 

11X8 

1057 

1152 

?m 

9.79 

23/3 

17 

25 years. 

1151 

1158 

1032 

1138 

Zb/8 

934 

23/3 

Hi 

Preference t 

1034 

1035 

1032 

1133 

2 A 

10.05 

22/6 


+ Opening Index 22763; 10 urn 22845; 11 am 2282X; Noon 22835; 1 pm 2281X; 2 pm 22806; 3 pm 22763; 350 pm 22755; 4 pm 2274.0. 


Base date Base value 
31/12/86 111437 

31/12/86 111437 
30/11/84 517.92 

3002/83 164635 

Other Industrial Materials 31/32/80 287.41 

Health' Household Products 30/12/77 26177 

Other Groups 31/12/74 63.75 


Equity section or group 

Agencies — 

Co nglomerates — 

Telephone Networks 

Electronics 


Equity section or group 

Overseas Traders 

Mechanical Engineering 

Industrial Group 

Other Financial 


Base date Base value 
31/12/74 10030 


Food Manufacturing* 
Food Retailing......,., 

Insurance Brokers.-. 


31/12/71 

31/12/70 

31/12/70 

29/12/67 

29/12/67 

29/12/67 


15334 

128X0 

12836 

114.13 

114X3 

9667 


Equity section or group 

Mining Finance 

AllOther. 


Base dale Base value 
29/12/67 10030 


British Government.. 

Do. Index-linked 

Debs. & Loans - 

Preference. 


FT-SE100 Index. 


10/04/62 

31/12/75 

30/04/82 

31/12/77 

31/12/77 

30/12/83 


10030 

10030 

10030 

10030 

76.72 

100030 


t Flat yield. A list of constituents is available from the Publishers, the Financial Times, Bracken House, Cannon Street, London, EC4, price 15p, by post 32p. 

CONSTITUENT CHANGES: Babcock International (6) and Stewart Wrightson (67) have been deleted. VPI (41) has been inserted. NAME CHANGES: 
Maritwough Technical Management (42) has became MTM; Lee Cooper (35) has become Vital Holdings; London Trust (71) has become London American 

Venture Trust 



Sedgwick Group 


HALB-YEAR RESULTS 

(unaudited) 



1987 

1986 

Full year 
1986 

Revenue 

£357.7m 

£330.0m 

£6<K).4m 

Profit before taxation 

£81.0m 

£9Z6m 

£1355m 

Earnings for the period 

£52.8m 

£57^m 

£84.4m 

Earnings per ordinary share - 

12.4p 

15.6p 

21.9p 

Dividend per ordinary shaire. 

4.0p 

4.0p 

IZOp 


The information shown above for the year ended 31 Decemberl986 is 
extracted from the full financial statements for that year which received 
an unqualified report by the group’s auditors and which have been 
•filed with the Registrar of Companies. 


MURRAY SMALLER 
MARKETS TRUST PLC 


Resuite for the year ended 31 May 1987 


1987 

1986 

Equity shareholders' interest 

£131422,190 

£94934311 

Asset value per share 

234.6p 

1695p 

Revenue available tor ordinesy shareholders 

£-1052,920 

£793,956 

Earnings per ordinary share 

190p 

143p 

Ordinary dividend per share- interim 

045p 

040p 

-final 

120p 

0.95p 

Capitalisation issue in B ordinary shares 

07456% 

041301% 


Investment objective 

To achieve growth In not 
asset value through cn 
International portfofowitti 
emphasis on smaUer markets. 

Highlights for the year 
ended 31 May 1987 

1. Net asset value increased 
by 38% aver the year 
compared wfth an 
average Increase of 29% 
for all Investment trietsL 

2A total cfivldend of 165p is 
reoommended - an 
increase of 22% aver1986t 

3.Net revenue available to 
ordincvystxirehofders 
rose from £793,956 to 
£105^920 - an increase 
of 33% over the year. 

4Munuy Smaller Markets 
Trust PLCs long-term 
record continues to be 
exeeUent-the 
company* net asset 
value increased by 366% 
ever the past five years 
compared with a market 
average of 255% 


Distribution of assets as a percentage of shareholdeitf equity 


EquMn 

4987 

% 

1986 

% 

(Cam 

1987 

% 

1986 

% 

United Wnodom 

2051 

18X2 

Tfctfwan 

118 

068 

Europe - Belgkim 

078 

074 

Murray PocTfic Growth 

091 

072 

Fktiond 

0X0 

— 

Unfed States 

6l62 

447 

Ranee 

436 

ni 2 

OHier Americas 

434 

1X5 

Somnony 

444 

9X1 

103X710042 

Baly 

198 

559 




Netheriands 

498 

4,17 

Bondi 



Spain 

103 

013 

AuriraHa 

— 

4.W 

Switzerland 

379 

BBS 

Joipon 

— 

,3A7 

Others 

— 

265 

Unfed States 

— 

am 

Japan 

4559 

1658 

Unfed Ktnpdam 

014 

032 

Far East -AufiraDQ 

655 

353 


an 

750 


Hong Kong 


16X4 1129 Net cash 


6X3 464 


Korea 

039 039 

trvBrimont Fund 

10954 11256 

FrapphBB 

104 — 

Prior capital and bans 

(954) (1256] 

Shigapcne/Malaysla 

444 — 

E*tHy thwehoWerf Interest 

KMflOKKM» 



Cecteof the report mey be oWUhedtom fhe Johnstone Urrma 

i63Hc^S^a^GkisgcwG22miatephon6:0m-22*9252 


MURRjSf* 





























10 


INTL. COMPANIES and FINANC E 

State to sue failed Alberta 
bankers for C$1.5bn 


BY DAVID OWEN IN TORONTO 


THE CANADIAN Government 
and the Canada Deposit Insur- 
ance Corporation are to sue 
former directors and officers of 
two failed Alberta banks for 
a total of C31-5bn <US$1.25bn), 
alleging that the true financial 
position of the banks was 
deliberately or negligently mis- 
represented over long periods. 

The two institutions — Cana- 
dian Commercial Bazik of Ed- 
monton and the Calgary-based 
Northland Bank — collapsed in 
rapid succession in the second 
half of 19S5, necessitating a 
C$1 bn federal government bail- 
ouj. of depositors. 

A year-long inquiry into the 
dual failure, headed by a sup- 
reme court judge, concluded 
that hank management, direc- 
tors, auditors and government 


regulators all shared responsi- 
bility. The banks’ combined 
assets at the time were esti- 
mated at C$3-7bn. 

In -the larger of the two suits, 
against directors and officers of 
the CCB, the Government and 
CDIC are respectively seeking 
damages of C$525 .3m and 
C$352m. The bank's financial 
position was allegedly misrepre- 
sented '‘from at least 19S3 -to 
August 1985,” according to tbe 
suit. 

In the Northland Bank suit, 
total damages of C$650. 4m are 
being sought, with the alleged 
period of misrepresentation 
stretching from 1981 onward. 

The actions follow last 
week's launch of a civil suit on 
behalf of CCB creditors by 
court-appointed liquidator. 
Price Waterhouse, which seeks 


damages of C$294m from fqiv 
jner officers, managers and dir- 
ectors of the bank, Mr Gerald 
McLaughlan, former CCB pre- 
sident, has said this suit will be 
defended, but there was no 
comment yesterday from for- 
mer officers of the two banks 
on the latest suites. 

They come in the wake of 
the demise of the Edmonton- 
based Principal Group— the 
last surviving major financial 
institution in western Canada 
which filed for bankruptcy last 
month after the June collapse 
of two subsidiaries. 

The CDIC, which reported a 
C$1.2bn deficit at the end of 
1986, now faces a C$125m pay- 
out to insured depositors of 
Principal Savings & Trust, the 
group’s flagship unit. 


HK’s Mass Transit cuts losses 


fir DAVID DODWELL IN HONG KONG 


HONG KONG’S Mass Transit 
Railway Corporation (MTRC), 
which operates the territory's 
38.6km underground railway 
system, yesterday thanked 
lower debt-repayment costs, 
rising passenger traffic, and 
the sale of development pro- 
perties, for a 30 per cent cut 
in net losses in the first half 
of 1987. 

Profit before financing charges 
rose by 37 per cent from 
HK$195m ($25m), to HR $2 68m, 
due to a 12 per cent increase 
in passengers carried, and 
average fare increases of 7 per 
cent 


Financing costs rose from 
HK$670m to HK$692m, but 
after a HK$95m gain on the 
sale of property interests, the 
corporation reported net losses 
for the half-year of B3C$S48m, 
compared with HK$49£m last 
year. 

The massive cost of building 
Hong Kong’s underground 
system left the MTRC with 
debts peaking at HK919J2bn 
last year. Total debt has now 
been trimmed to about 
HK$18.5bn with Mr Wilfrid 
Newton, the company’s chair- 
man, noting that debt financing 
needs have been arranged for 


the 22 months ahead. Only a 
week ago it secured a 12-year 
loan worth Y5bn from seven 
major Japanese financial insti- 
tutions. 

The corporation predicts that 
it will be generating positive 
cash flow by the early 1990s, 
with debts repaid before the 
end of the century. 

The MTRC carried 276m pas- 
sengers in the first half. 

Mr Newton said the second 
half of 1987 had started well, 
with passenger revenues above 
company forecasts, and 60 per 
cent of group debt " at favour- 
able, fixed rates of interest" 


Bekaert to shed 1,400 jobs 


BY WILLIAM DAWKINS IN BRUSSELS 


BEKAERT, the Belgian steel 
wire products group, yesterday 
confirmed that it is to shed 
1,400 jobs, the biggest single 
staff cut in its 107-year history. 

The reductions, which will be 
made at its main Zwevegem 
plant in northern Belgium, will 
take place over the next five 
years, reducing the Belgian 
workforce to 5,743 from 7,143 at 
the end of 1986. Practically all 
the cuts will come from early 
retirement and will take place 
at all levels of the company. 

The cuts come in response to 


sluggish demand and weak 
prices for Bekaerfs products. 
The group also plans to spend 
BFr 6bn (5161m) over tbe next 
five years — BFr 2bn more 
than planned — on splitting its 
wire division into three units. 

These will cover bulk produc- 
tion of industrial steel wire, to 
take place at tbe group's plant 
st Hemiksen, near Antwerp, 
low-volume output of wire for 
such special applications as 
valve springs or needles and 
seasonal production for fencing 
and agricultural wire. 


Bekaert will also be seeking 
to adopt more flexible working 
practices, along the lines of a 
package rejected by its unions 
in Jane, but one including new 
proposals to allow workers to 
exchange jobs between depart- 
ments. 

Consolidated operating pro- 
fits declined sharply to 
BFr 2.5bn last yea:, but the 
group said yesterday mat it ex- 
pects the current period’s results 
to show title change. Profits for 
the first six months, due to be 
announced next week, were 
"satisfactory,” an official said. 


Affiliate of 
Adsteam buys 
stake in bank 

DAVID JONES, 45 per cent- 
owned by the Adelaide Steam- 
ship Group, the holding com- 
pany of Mr John Spalvin's 
investment group, has acquired 
a 9.8 per cent stake in National 
Australia Bank and wants to 
raise to 15 per cent, Reuter 
reports from Sydney. 

David Jones has applied to 
Mr Paul Keating, the Treasurer, 
for approval to acquire up to 
15 per cent of National 
Australia, said Mr Spalvins. 
the chief executive. 

This is the maximum level 
permitted under the Banks 
(Shareholding) Act for a single 
shareholding in an Australian 
bank, although the Government 
has permitted tbe new foreign 
banks in Australia to be owned 
up to 100 per cent by single 
groups. Mr Keating’s approval 
is needed, however, for David 
Jones to move beyond 10 per 
cent of National Australia, one 
of the three major listed Austra- 
lian trading banks. 

David Jones’ parcel of about 
53m bank shares was worth 
some A$300m (US5212ihnJ at 
Friday’s closing price of A? 5. 68. 


Stronger first-half profits 
for Mitsubishi Chemical 


BY YOKO SHIBATA IN TOKYO 

MITSUBISHI CHEIUICAL In- 
dustries, Japan’s largest inte- 
grated chemical company, has 
reported a 9.7 per cent rise in 
pre-tax profits to Yl2.66bu 
($S9.7m) in the February-Juue 
half year, thanks to an improved 
balance on financial items. 

Net profits rose 7 per cent to 
Y4.04bn, on turnover of 
Y298.3bn, down 1L6 per cent 
from a year ago. 

Sales of medicine and fine 


chemicals soared 84. per cent, 
but carbon sales plunged by 
234 per cent owing to sluggish 
demand from steel makers and 
motor manufacturers. Softer 
market prices dragged down 
sales revenue from petro- 
chemicals. 

For the full fiscal year to 
January 1988, pre-tax profits 
are expected to rise by more 
than 10 per cent to Y27bn, on 
sales of YQlObn. 


Setback for Italian funds 


ITALY'S MUTUAL fund indus- 
try suffered a sharp setback 
last month, with redemptions 
by investors more than twice 
as high as the Inflow of savers’ 
funds, writes Alan Friedman 
In Milan. 

According to Assofondi, the 
association of the 69 authorised 
mutual funds, rcSemptions for 
the month of August totalled 
LL270bn (9974m), against an 
intake of L633bn. This resulted 
in the first negative monthly 


balance— of Y637bn — since the 
mutual funds began operating 
three years ago. 

The month of August 1986 
closed with a net inflow of 
L2.053bn, while the net Inflow 
in July 1987 was I454bn. 

The past few weeks have 
seen a nervous Milan stock 
market, with selling pressure 
and much bearish speculation 
on the bourse. Tbe overall 
market index is down by 16 per 
cent on the start of 1987. 


m 


joint 

venture 


By Roger Section in Bermuda 
JARDINE MATHESON, Hong 

Kong’s oldest trading group, 
is spending about 510m to 
establish a physical presence 
in tbe British colony of Ber- 
muda, which hast been Its 
legal domicile sinee 1984. 

Mr Raymond Moore, a Jar- 
dine director, said the group 
has formed a joint venture 
company with Bermuda’s own 
“ hong,” the Edmund Gibbons 
group— a diverse financial ser- 
vices and trading company 
owned by qm of Bermuda's 
wealthiest families and 
headed by former premier 
Sir David Gibbons. 

Mr Moore said Jardine will 
hold a 49 per cent stake In 
the joint venture, Jardine 
Gibbons Properties, which has 
been formed to develop a 
five storey office and retail 
complex In the capital of 
Hamilton. 

Tbe building, due to be fin- 
ished by hte end ef 1989, will 
house Jardine’s four holding 
companies formed recently as 
a result of an internal re- 
organisation. The four, all 
domiciled to. Bermuda and 
listed on the Hong Kong stock 
exchange, are Jardine Mathe- 
son Holdings, Jardine Strate- 
gic Holdings, Da fay Farm In- 
ternational Ho lding s and Man- 
darin Oriental International. 

Mr Moore, the Jardine 
group’s tax lawyer, said he 
would be taking up perma- 
nent residence In Bermnda 
on February 1 next year. He 
said that the Bermuda office 
he will be setting up will be 
responsible for the tax plan- 
ning and management of all 
jardine offshore corporations 
worldwide. 

“In Bermuda alone there 
are about 20 companies under 
the four holding groups, plus 
many many mere companies 
worldwide,” he said. ’’What 
we will be doing is keeping 
abreast of what Is happennig 
around the world in terms of 
taxation and foreign exchange 
control and making sure we 
don’t get caught. For example, 
if we had not moved out of 
the Netheriand Antilles re- 
cently we wonld have been 
affected by tax changes 
there." 

Mr Moore said that Jardine 
has paid about 98m in stamp 
duties and fees to tbe Ber- 
muda Government sinee it 
was incorporated on the 
Island three years ago. 

But he added: "I want to 
make it very clear that the 
headquarters, management 
and control ef the holding 
companies will remain in 
Hong Kong and will be un- 
affected by what is happening 
in Bermuda." 


MCI acquires 
communications 
unit from GE 

By Our Financial Staff 
MCI COMMUNICATIONS, 
the US independent telecom- 
munications group, has signed 
a letter of intent to buy RCA 
Global Communications from 
■ General Electric of the US 
for SlfiOzo. subject to possible 
doting adjustments. 

RCA Glocvl Communica- 
tions’ principal business is 
high speed telex and data 
transmissions. The companies 
said tbe transaction is subject 
to a definitive agreement and 
to appropriate regulatory 
approvals. They expect to 
finalise a contract by Septem- 
ber 30 and receive the appro- 
vals to complete the deal by 
the year-end. 

• US Sprint, the recently 
formed joint venture between 
United Telecommunications 
and GTE, two leading US 
telecommunications groups, 
has put its microwave/satel- 
lite network up for sale. 


Brazilian banks weather inflation surge 


BY ANN CHARTERS IN SAO PAULO 


BRAZIL'S BANKS have come 
through another six months of 
uncertainty — marked by the 
resurgence of inflation and 
bleaker prospects for many 
corporate customers — with 
satisfactory results that, accord- 
ing to analysts, are in line with 
average earnings over Che past 
few years. 

With inflation accelerating 
over the period at double digits 
each month, peaking at 26 per 
cent in June, depositors 
switched funds out of current 
accounts into overnight and 60- 
day certificates to earn interest 
more in line with inflation. 

Meanwhile small and medium 
companies that took on debt 
when interest rates were lower 
during the previous year were 
caught by surprise as inflation 
surged, increasing financial 
expenses at a time when, many 
companies' sales dropped. 

As a result banks worried 
about the quality of their loan 
portfolios. The Government 
granted special credit lines to 
.email and medium companies 
and gave those with rural loans 
the choice of eliminating cor- 
rection for inflation on unpaid 
balances or paying a fixed 
interest rate. 

• Comparisons with 1986 are 
’complicated by last year's intro- 
duction of the country’s econo- 
mic stabilisation plan and new 
currency, the cruzado. Results 
have been converted to US 


dollars for comparative pur- 
poses. 

Bradesco, Brazil’s largest pri- 
vate commercial bank, reported 
consolidated set earnings of 
Cz 4JJbn (8102m), down 7 per 
cent in dollar terms from the 
same period in 1986. Pre-tax 
earnings dropped to $136m from 
9150m. 

Total assets reached Cz 249.4 
bn, while operating results were 
$29 1.9m. The batik recognised 
lost revenues of $B0m from 
rural loans due that were not 
corrected for inflation. 

The batik continued to reduce 
costs and increase productivity, 
closing 230 branches^ opening 
52 banking service units and in- 
vesting 59m is extending auto- 
mation to more branches. 

Itan, the country’s second- 
largest private commercial bank, 
reported consolidated after-tax 
profits of Cz3bn ($72.7m), up 
32 per cent in dollar terms, com- 
pared with tiie first half of 1986. 
Pre-tax profits were 9101.5m, 
down 14 per cent in dollar 
terms, compared to the first 
half of last year. Assets totalled 
Czl66bn. 

The bank increased its auto- 
mation efforts. Electronic tellers 
were started in six branches 
with installations planned for 
another 49 before the end of 
the year. 

Unibanco, the third largest 
private commercial bank, 
showed consolidated after-tax 


profits of Czl.lbn (526.3m), an 
increase of 94 per cent in dollar 
terms. Pre-tax profits were 
832.6m while total assets were 
Czl03.6bn. 

Banco National published 
results showing net earnings of 
Cz874m (916.1m), an 118 per 
cent increase in dollar terms 
over the same period last year. 
Pre-tax profits were $i6.9m 
while total assets were CzB3.4bn. 

Banco Real presented net 
profits of Czl.48bn (546.9m), for 
the period, an improvement of 
458 per cent over the first six 
months of 1986 in dollar terms. 
Pre-tax earnings were 884.4m 
while assets totalled Cz82.5bn at 
tbe end of the period. 

Banco Economise reported 
Cz 610m (814.6m) In after-tax 
profits for the period, up 34 per 
cent over the same period tbe 
previous year. Before tax 
profits were 3164m and assets 
grew to Cz 62bn. The bank 
recognised $6m in lost revenues 
from rural loans. The bank 
expanded its investment in com- 
puterisation with an additional 
86m and continued investing in 
petrochemical companies where 
it holds minority shares. 

Banco Saha showed half- 
yearly profits of Cz 48bn 
(835.5m), a decline of 26 per 
cent expressed in dollar terms 
over the same period in 1986, 
Pre-tax profits were 536.2m 
while assets totalled Cz 58.8bn. 

in the state sector Banco do 


Brasil, the country's largest 
government-controlled financial 
institution, reported net profits 
of Cz 342bn (S820m), up 659 
per cent in dollar terms over 
the half year In 1986. Pre-tax 
profits were 8917m, while assets 
grew to Cz 1949bn over the 12 
months. 

With the start-up of new 
financial operations, the bank 
appears to have recovered from 
the loss of Its special monetary 
authority in early 1986. Over- 
seas branches, which usually 
show a profit, reported a loss 
of Cz 476m (911.4m), attributed 
to -the effects of Brazil’s 
moratorium on interest pay- 
ments. 

Payments from the federal 
treasury for services rendered 
helped boost the bank’s results. 

Banespa, the second largest 
government-controlled bank 
and which is run by Sao Paulo 
6tate, reported net profits of 
Cz6.1bn ($147m), an increase 
of 79 per cent in real terms 
in cruzados compared to the 
same period in 1986 and the 
largest in recent history for the 
bank. 

Pre-tax earnings reached 
$282m and operating results 
were $240m after incorporating 
losses from securities opera- 
tions currently under judicial 
investigation. Total assets 
were Cz233bn, with consolidated 
results reported for . tbe 

«vin glomerate. 


Financial Times Saturday September 5 1987 

COMMODITIES AND AGRICULTURE 


Standard 


Cash 

1045-6 

5 month* 

XQZB-50 


WEEKLY PRICE CHANGES 


Latest 
price* 
per tonne 
unless 
Bated 


r 'nge; 
on 

f imk ; 


1087 


Year 

ago 


High 


Lew 


METALS 

Aluminium.,.—, 

Free Market c.Lf^ 

Antimony — — - 

Free Market 99.6X— 

Copper-Cash Grade A— 

S months Grads A. 

Gold per ox- 
Lead Cash- 
S months .■■wmi.wn 

Nickel 

Free market — 
Palladium ..——m— 

Platini urn perns.. — ... 


!l$l«CW660 [-110 jiFl 520/540 !$ 1885/ IffiffijS 1205(1523 

1&8260/2SM i—35 !?2 33C* 2460 2500- SI1 5Cj MOD 

£104^6 ^-5.6 I £913.8 l£ll 37.7538 «CL26 
£1030 5 '—6 1 £928.78 :S1118A3!£S4fi.5 

% Tll.5 ; B420.S :»TC.76 W 
£413 -4.8 ! £874.5 lE44$ £38&75 

£592,5 |- 1.76 i £275.95 .6417.5 |£2»<L75 

I 


Free market. — ■ ... 

Tungsten Ind... ................. - 

Wolfram (88.04 lb»)„ 

Zino ouhn.~.M U i-«,„.w. 

3 months 

Producer*.. „ — 


173/lflSc 347(267ci TK(177e 
$151.00 SXG1.00 '’5X17.10 
8673.75 : 5646.50 I £476.75 
SZ35/!45.S30O>5XO , S10O/16O 


243062c 1-5 
8X37.60 ,-0.75 
8604J86 1 + 6.26 

Quicksilver (76!tKj * SSOO'SlO‘,+20 f **•-,*— 

SUver per os. 4 «4.00p ■— O.B6 1 363 .55 p |«UL60p 344A0p 

3 months par oz.— 475.70p j— 1.16 : 378.60P |66BJ0p [352.70P 

5 E4T2&/415G ’.-93 

853.23 - 

| 843,55 > - 

" £407,5 1-30 
£462,5 j— 27 
8860 I - 


-£5700/780 

1 5!|;« &l §jj& 

| £579 jfSSDiS 

• 6840/880-5870 -5770(790 


GRAINS ! 

Barley Future* Nov— 


Maize French... 

WHEAT Future* Nor. . 


£99.95 >-0.80 

£153.00 I — 

4 £104.10 ;+0.70 


£118.56 JesB.30 


SPUES 

Clove* — 

Pepper white 

black 

OILS 

Coconut (Philippine*! 

Palm -alayafw — 

SEEDS 


J 88476 '+50 
J 85900 + 50 
J 04800 1-160 
I r 

&4«5w ! - 


£107.35 

£163.00 >£163.60 U 148.00 
£107/15 ;£ 185.80 (£98.75 


isi££a" ( ?ac=z 

OTHER COMMODITIES 
Cocoa Futures Deo. 


8315 (— 13 
8147 i — 


Coffee Future* Nov- 

Cotton Outlook A Index.., 

Gaa Oil Fut. Oct 

Jute UABWC grade 

Rubber kilo 

Site! Ha SL. — 

Sugar (Raw) — — . — — 
Tea (quality) Ido — — 


£1851.5 !— 48 
£1341.6 1—6 
84.65c —2.95 

3157.29 [-1 
8485 > — 

69.5p v— 1.25 

6615 « — 

._ 8148.4W +0.8 


How mad) kilo , « i — 

Woottop* 64* Super— 4 497 p kilo!— 30 


| 84800 
! 86100 
j 84260 

! 8386 
! 8300 

! 8150 

i use 

*£1547.5 

£2366.3 

>8141.5 

8350 

61p 

+625 
IS 118 
2QOp 
Ill5p 
'.587 p Wto 


53.800 83,200 

186,400 64,000 

( WWO 84.200 

lasso 1*320 
[8590 8886 


lisas 

11162.5 

£1,439.5 
ill 665.5 

187.70c (OtfSBc 


(£1,819.0 

Ei,aio^ 


'1173.25 
18425 
71 p 
8616 
8804 
I80p 


6125.5 
1*880 

| 86?0 

18139.5 
140p 


(548P kiWAlSp 


kite 


t Unquoted. (jc) Nov. ' (w) Sopt/Oct. (t) Oet/Nov. (a) Oct 


ALUMINIUM 


99. 7^ j Unofficial -for I High/Low 
purity I dote ip.m.) — I 

S per tonne 


ash I 
month*! 


Cash 
3 


1648-55 + 30 ! — 

168030 1 + 85 ! 1BK 


Official closing (am); Cash 1,660-5 
(1,606-8). three month* 1.B17-20 
(1.586-8), Bottoms nr 7.855 (1.608). firm! 
Kerb dose: 1.615-20. Ring turnover: 
1.300 tonnes. 


99.6% 

purity 


£ pea 

tonne 


J I 


INDICES 

REUTERS 


8epL 4 1 Sept 3 ,Mtn sgo 

Yearago 

1644.2 Il64a8 < 1637.0 1 

1 1479.4 

(Beet: September IB 1831 

1-100) 


DOW JONES 


Bow i 8api."j S*£L | M*th i Year 


Jones S 


ago ago 


Spot d3fl.88il28.OTj — 1121.33 

Fut fl 308*; 1 151 .371 — 1124.01 
T85£TS5wi5iF3nS3T=10(JJ~ 


Cash 1 97*81 
3 months., 960-1 


1+17.5 ; 976 
+ 15.7S1 955/953 


SILVER 


Official closing (an); Cssh 976-7 
(956-8), three monthe 956-8.5 (94^3). 
settlement 977 (KB). Rnal Kerb dose: 
95880. Ring turnover: 56,475 tonnes. 

COPPER 


Grade A 


Unofficial + 

_ dose — 
£ par tonne 


fOTj 
ine I 


High/Low 


Silver was fixed OJSp an ounce 
higher for spot delivery in the London 
bullion market yesterday 464p. US 
cant equivalents of the fixing lev*!* 
were: Spot 768c. up 2 c, three- month 
781.95c. up 2Ac: six-month 796.76c. up 
2.5c; and 12>«nondi 827.35c. up 2.15a. 
The mstsl opened at 464-485 1 ap 
768c) and closed at 488 1 r470p 
776c). 


Cash 1044-6 +lLfi!1046n<M4A 

3 months } 1Q3Q-1 tMjijuaanoio 

Official closing (am): Cash 1.0M-4.5 
(1.021.5-2). three months 1.029-9.5 
(1.008.6-9). settlement 1 .014-5 (1.022). 
Final Karb close: 1.031-2. 


+11.61044 
+ X4.fr — 


SILVER 
P*r 
troy ox 

Bullion 

Fbcing 

price 

|g 

UM.E. ! 
p.m. 

Unofitto'tj 

■i-or 

Spot — . — 
a month*. 
6 month*. 
12 month t- 

|464.00p 
476. 70p 1 
487. 30 p ! 
ISXO.XSp 

1 *4.781 
1*8.88 
iMijhoj 

T7B.Bc 
| 708.60 | 

+M 

+13 


Official closing (*m): Cash 1,043-4 
(1.020-2), three monthe 1,027-30 (1,005- 
9). settlement 1,044 (1.022). US Pro- 
ducer pricoa: 80-85 cants per pound. 
Tout ring turnover: 48*25 tonnes. 

LEAD 


j Unofficial 

+ or 1 


ck»e (p.m.) — 

Higtwlow 

• £ per 

tonne j 


Cash 1412-4 | 

+4.5 

419/417 

3 Mon that 398-3 | 

+4J» , 

396/390 


Utt— Turnover: Nil (1) lots of 10.000 
ounces. 

Three monthe final kerb 787-SOc. 

COFFEE 

After faffing to open £10 lower, ae 
due. Rebuffs* traded quietly within a 
tight range during the morning, report* 
Draxsl Bumhem Lambert. The market 
eased with light trade aelltag and long 
liquidation in sympathy -with a week 
Raw York performance. However, good 
support waa found at lower levels 
which steadied values. Lata weekend 
book-squaring left the market towards 
the highs of tbo day. 


Official closing (am): Cash 418-20 
(404.5-5). three months 394-4.6 (388-9), 
settlement 420 (405). Final Karb cloae: 
392.6-3. Ring turnover:- 3.82S tonnes. 
US Spot: 42 cents a pound. 

NICKEL 


COFFEE lYeaterdaJ 
close I 


+ on 


Busins 

don* 



Unofficial + or j 
dose (p.m.) — (1 
£ per tonne | 

Oath 

3 months 

3835-461 +8.6 j 
3X95-8061 -5 (2 


Sept 1303.1305, —7.5[ 1308-1997 

Nov 1040-1040] —6.0) 1344-1330 

JWI — 1367-1371) -5.6 1372-1367 

Mar 1380-1 SiZl— 10.6 1 082-1 370 

May 1409-14041 -8.B 1404-1390 

July- — 148p-l«24pll^ 14*9-1415 


Sept- 1 1440- 1 4 W I 


1440 


Igh/Law 


1/3196 


Official dosing (am): Cash 3.219-21 
(3,165-70), three months 3.202-3 (3,166- 
8). settlement 3,221 (3,170). Final Kerb 
close: 3,193-200. Ring turnover: 1,248 
tonnes. 

ZINC 


High 

grad* 


F rnoff total +or 
lose (p.nU — 

£ per tonne 


HigrtiLow 


Sales: 2.632 (6,122) lota of 5 tonnes. 

ICO Indicator price* (US cents par 
pound) for September 3: Comp, daily 
1979 106.40 (106.84); 18-day average 
101-12 (100.48). 

COCOA 

Futures traded in a subdued fashion 
for most of tha day. After opening 
£10 higher tha market Based unchanged 
before closing mid-rangB. Physical 
business woe confined to light con- 
sumer offtake, reports Gill and Duflus. 


Cash 
3 months 


457-8 

481-9 


+4 1468 

+ E.7S <467)461 


Official closing (am); Cash 459-60 
(468-9), three months 484-5 (462.6-3). 
Battlement 460 (468). Final Kerb close: 
460-1. Ring turnover: 8,850 tonnea. US 
Prime Western: 43-48.6 cents a pound. 

TIN 

KUALA LUMPUR 71H MARKET— Cloae: 
18.81 (10.85) ringgit per kg. Down 0.04. 


Daa.. 


May 

July-.—. 

Sopt — 

Doc.... 


Yesterday's, 

close 

+ OT 

£ per tonne 

1807-1810 

1861-1858 

1284-1286 

1305-1306 

1386-1328 

1343-1346 

1366-1366 

+4.0 
+4.0 
+1.5 
-1.0 
r— 0.5 
— 1.0 
—1.5 


LONDON METAL EXCHANGE 
TRADED OPTIONS 


- 

Strike 

Price 

Calls 

Put* 


8/tonne 

Nov. 

NOV. 

I 

Alum in- i — 

ium i — 

99.7* 1 - 

— 

- 



1 

Nov. Jan.j Nov. Jen. 

Alumln- 1,550 

lum J 1,575 
98.9* 1 1,600 

— soisisai# axis 
66to 6918.47 95 

B4 — : — — 


Copper I 1,876 
(Grade AJ 1,700 


— 731*146 


[601b 691a 


168 


761b 

89 


Sale*: 2.581 (2.658) lots of ID tonnes. 

ICCQ indicator prices (SDRs per 
tonne). Dally price for September 4: 
1,658.75 (1. 567.68): 10-day average for 
September 7: 1.5S8.93 (1,697.40). 

FREIGHT FUTURES 

With a general foaling that phyaloal 
rates will rise in tha ne unarm, traders 
began to cover their short positions 
prior to the weekend, resulting In a 
rally of soma 30 paint* in thin volume, 
reports Ctorkeea Wolff. 

J Close | High/Low I * PrevT'* 
Dry Cargo 

Oct. Ill 16/1118113Q/1885'lQ86f 1090 
Jan. /lira JlltT/llae 1087/1099 




'£ltonn *1 < 

Copper I 1000 68 :18 BUs 

(Orad* A) 1036 Isa SWs ’an 4»a 
| 1050 |flfi — ’ — ~ — 


July 

Oct 

Jan. 

April 

BFI. 


1095/11001 
1080 
1090 
11180 
10634 


1200 , 
1095/1070 


1180 

966/1085 

1060 

1070 

1160 

1065 


Estimates. 


GOLD 


GOLD BULLION (flfloounm) Sept. 4 


Che* 8465-4661* (£98194.9821* 

Ms-Er" , ffisr 

Affn'n fl* 

Day’s high 846314 -466 — 

Day’ll low 84619* -4631* - 


GOLD AND PLATINUM COINS 


Am Eagle. 14 78-463 (£989.399) 

WWSJSSi xssas 
•aasw 

AngoL-^- *475479 (E9879*-36B54) 

wastas? asfls 

w^ypteta^fiSalfiit (£378?4^3j 


Turnover 130 (341). 


GRAINS 

LONDON GRAINS— Wheat: US dark 
northern spring No. i 14 per cant Oet 
93.75. Nov 95 .23. US No. 2 soft rad 
winter Oct 90.00, Nov 92.75. French 
11 VI 2 par cent Sept 13 &». Oet 138X0 
eellere. English feed W» Sept 104- 
104^0, Oct/Dec 1OGJJO-107.25, Jen/ 
March 103.S0-110JQ. AprU/Juna 114- 
114.75 aellere east coast. Matte: US 
Ne. 3 yallow/Frencb Transhipment east 
cooat Sept 153.00 sailer. 


RUBBER 

PHYSI C ALS — Closing prices (buyvre): 
Spot flS.BOp (69.00P); Oct S8JSp 
(B7.75p): 68J0P (BB.OOp). The 

Kuala Lumpur fob pricee CMelsy/Slngn- 
pore cents) per kg was RSS No 1 
284.0 (seme); SMR 20 238,0 (seme). 


WHEAT 


BARLEY 


Yesrrdy** 

[+ w 

YoMTrdy'eJ+or 

Mnth 

close 


do** 


Sep.... 

102.85 

hOSfl 

96.80 

(—0,10 


104.10 

-rOM 

99.95 

-0.1B 


109.30 

- 

laa^e 


Mar.,, 

109.85 

-OM 

104.90 

+0J& 

May... 

ill. BO 

+OJS 

107.00 

+0J6 

July— 

114.00 





Buffites* done— Wheat: Sept 103.55- 
3.10, Ncv 104-50-3-96. Jsn 106.56-6.30, 
March 109 40-9 JB. May 111.88, July 
Untraded. Sales.' 143 let* ol 100 ladnu. 


US MARKETS 

HUMOURS THAT a short- 
tern ceasefire had heea 
agreed in the Golf War 
prompted trade selling and 
IoBgdfqofdatioii In the erode 
ofl and energy firtweSi r®* 
ports Drescel Burnham Lam- 
bert The precious metate 
were under pressure through- 
out the day. stiver weakened 
further on trade selling to- 
wards the close following 
earlier local dominated trad- 
ing. Copper finned on. trade 
*wJ technical buying. Coffee 
fell on commission house sell- 
ing stops before trade 
and local baying prompted 
short-covering to steady the 
market Cocoa fell on arbit- 
rage selling before trade bay- 
ing and speculative buying 
on the dose firmed the mar- 
ket. Sugar fell on commission 
house selling In thin trading. 
Cotton and orange juice were 
dominated by local activity, 
bat trade schale-down buying 

was noted in cotton. 

...The grains were firm on pro- 
fessional baying, reflecting 
forecasts of rains over the 
next few days which may 
glow harvesting. Soyabean- 
meal fntares continued 
strong on firm cash prices. 
Cattle prices were again 
steady on firm dressed beef 
prices, good movement and 
anticipation of higher cash 
prices. Pork bellies fell as 
cash prices eased. Hogs were 
about unchanged. 

NEW YORK 


HEATING OIL 4S^S0 .US SOHom, 
cwa/'JS gaBflW 


Latest Prav 
Oct 52-30 

Nov 52.20 K£» 

Cac eUO 53.44 

Jan 53.46 94.09 

Fab 6X30 54.44 

Man* 5Z-TO «-» 

April 51.80 

May 51.10 51 .04 

SO .00 90.W 


KHlh .Low 

52 -40 . H JO 

Hi! si-® 

53JS 6X45 
«.20 63.10 
54.40. SUB 

53 JS 52.83 

S2X5 61.60 
61.10 61496 

50.80 BOM 


MANGE JUICE 15,000 fc. caot a/lb 
High 


~ Clou* PWV 

S*0t 13SJ0 fiS M 

Stow 130.23 128.50 

Jan oo.oo raos 

Mart* m« 

May 130.70 139.90 

S^t 130.30 130.00 


Low 

125.75 B5J0 
TJ0.5D 129 JO 
12830 123,10 

130 js mao 
130.70 130.70 
is) jo 130JO 


PLATINUM bo 

troy 02 , 

S/troy 

or 


Close 

Prev 

High 

Low 

Oct 

607.8 

613.7 

614-0 

9MJI 

Jan 

015.3 

621.5 

621.5 

614.0 

April 

623-3 

629.5 

630 J) 

&S-0 

July 

631.5 

637.7 

633 J) 

633 J) 

Oct 

639.5 

645.7 

643 .S 

6*1.0 


SiLVSt 9,000 trey at, cmrta/opy as 


Sept 

Oct 

Das 

Jan 

March 

May 

July 

Sept 


Close 

Prev 

High 

Low 

763.1 

770-0 

778.0 

76SLQ 

767.1 

774.1 

— 

- — i 

777.0 

764-0 

mo 

mo 

7S1-9 

733.9 

— 

— 

793.7 

830.5 

flOELO 

TtH-O 

606.1 

8113 

814.0 

806.0 

817.0 

823. Q 

828.0 

618.0 

829-2 

835.7 

838-0 

838.0 


SUjnn» 

centn/Ib 

WORLD 

"TT” 

« 2,000 lb. 


Close 

Prev 

Hlfih 

Law 


5.63 

5.70 

6.75 

6^8 

Jan 

5.96 

6.05 

0.20 

ttJO 


6.49 

6.87 

6.61 

0.43 


6.70 

6.76 

B.E2 

6.65 


6.50 

C.96 

6-96 

6.90 

Oct 

7.15 

7.W 

7-19 

7.15 


7J3 

7.36 

— - 

— 


7.33 

7M 


— 


CHICAGO 


UVE CATTLE ffiM900 lb, cente/Bi 


ALUMINIUM 4tLOOO lb. e»ti/lb 



Close 

Prev 

High 

Low 

Itopt 

77 JS 

76.30 



Oct 

76.36 

75.50 


— 

NOV 

75.75 

74.50 

— 


Dec 

75.26 

74-00 

7S.10 

75.00 

Jan 

74.75 

73 JO 

— 



March 

72.66 

71.30 

— 

m— 

Mey 

69 JB 

68 30 

_ 


Jufy 

69.05 

8730 

— 

— 

COCOA 

10 tortnee, S/toranea 



Ctoa* 

Prev 

High 

Low 

S*pt 

iata 

1951 

1953 

1935 

Dec 

ww 

1947 

1950 

1931 

March 

•re«2 

T964 

1WS 

1S51 

May 

TOBS 

1992 

waz 

1932 

July 

2MB 

2018 

»05 

2006 

Sept 

2101 

2043 

2035 

2031 

Dec 

2060 

2070 

2001 

2000 

COFFEE 

" C" 

37.600 lb. cents /1b 


Cloae 

Prev 

High 

Low 

sipt 

m.46 

113.00 

114.00 

T12_25 

Dec 

113.45 

113.00 

TM.OO 

115L25 

Deo 

116.00 

116.95 

117 .SO 

1M-EO 

March 

120. 10 

119.76 

120.80 

TT8.S0 

May 

121.75 

121 -BO 

122.46 

T20.25 

July 

TZ3.95 

122.63 

123.95 

123.95 

Sopt 

128.10 

124.88 


— 

Dac 

134.25 

126-88 

— 

— * 

COPPER 26,000 

lb, cants/ lb 



data 

Prev 

High 

Low 

Sapt 

78.00 

76.75 

78. W 

7730 

Oct 

78.96 

75.66 


— 

Nov 

76.40 

75.05 



Dec 

75 JO 

74-fiO 

78.00 

75.00 

Jan 

75 JS 

73.85 

mmm 

-a— 

March 

74,10 

72.75 

74.00 

73-20 

May 

73 50 

72.15 

73.40 

73.10 

July 

73,06 

W.» 

. m*ma 

— » 

Sapt 

73.70 

71.75 

— 

WWW 

Dac 

73.06 

71.70 

7330 

73.00 

COTTON SOJWOlb. Cents /lb 


Ctosa 

Prev 

High 

Low 

Oct 

76.30 

76.18 

76.95 

76 J» 

Dec 

75 82 

75.39 

76.42 

76.10 

March 

77.05 

78.60 

77.66 

76.m 

May 

77.65 

77^ 

78.22 

77.00 

July 

77.00 

76-BO 

77.70 

78^0 

Oct 

70.60 

70-30 

70.80 

69.80 

Dec 

68.45 

68-20 

63.40 

67.80 



dose 

Prev 



67.57 

<56.82 

67.52 

Dae 

ML27 

67.07 

08M 

Feb 

cans 

67.96 

66.45 


69.35 

69.00 

63.40 


68.82 

68.72 

@3.90 


67.60 

67.15 

67.70 

Oct 

66.85 

96.20 

65.95 


Low 

M.7S 


LIVE HOGS 30.000 lb. cents/ lb 


" 

Close 

Prev 

High 

Low 

Oct 

51.07 

61.00 

51.45 

50.92 

Dae 

49.50 

49.02 

49.86 

49 J5 

Feb 

47-02 

47.00 

47-20 

46.75 


43.55 

43.42 

43.70 

43.32 

June 

4&.2S 

45.05 

45 JO 

45.09 

PORK 

BELLIES 38.000 lb 

centa/lb 

Fab 

62.15 

62.80 

£3.06 

BISS 

March 

61.37 

61 £5 

62-39 

61 20 


61.87 

£2-32 

62.40 

61-05 

July 

01.72 

62.12 

62-10 

61.65 

MAIZE 5.000 bu mb). 



centa/56 lb-bushel 




8*pt 

Dec 

March 

May 

Jtriy 

Sept 

Dae 


Ctosa 

Prev 

High 

Low 

758.2 

157.0 

15841 

1564 

1B7.6 

166.8 

13H.2 

168.6 

177^ 

178-2 

1774 

175-4 

182f» 

182.0 

1&Z.6 

WO .6 

1E4.6 

184.4 

186.0 

183.4 

1B4.4 

183 J) 

184.fi 

183 J) 

139.0 

187.2 

1890 

187.0 


SOYABEANS 5.000 bu min. 
centa/60 Ib-bushal 



Close 

Prov 

High 

Lew 

Sept 

819.0 

512.6 

619.4 

812.0 

Nov 

516.4 

611.6 

616.4 

61U) 


521.2 

517.6 

621.8 

5172 


527.4 

624.0 

627.4 

623.6 


633.0 

529.4 

633 3. 

E29.0 


533.2 

531.2 

535.0 

630.2 


630.0 

627-2 

530.0 

628.0 

Sept 

525.0 

B22A 

525.0 

623.0 


SOYABEAN MEAL 100 toiw. S/ton 


CHUDE 

gallon*. 


OIL (LIGHT) 42,000 US 
5/barrale 


Oct 

Nov 

Doc 

Jan 

Fbb 


April 

May 

Jima 


Latest 
19.28 
H.1B 
W.O 
19.12 
19.14 
19.16 
18. M 
19.20 
19 JB 


■Prov 


High 


19.50 18.B2 

18-34 19 JS 
18-30 19J2 

19.29 1SJ0 


19.29 
TO .29 
19^9 
WJU 
WJ9 


1932 
19 J£ 

19.25 
is. as 

19.25 


Low 

19.20 

19.07 

19.09 

18.10 
19.10 
19.20 
18.16 
18.23 
19.25 



dove 

Prev 

High 

Low 

Sept 

166.3 

163.7 

168-5 

163-7 

Oct 

162^ 

160.3 

1634) 

160J 

Dec 

160.8 

16S.6 

131 41 

158.6 

Jan 

160.7 

168.0 

180.0 

157.E 

March 

158.0 

167-2 

168-7 

156.5 

May 

158.6 

157.2 

158.7 

IBB 41 


157 J» 

156.0 

1584) 

1G6.0 


156.5 

155.0 

156.0 

1574) 

Sept 

166-5 

165.0 

1564) 

1574) 

SOYABEAN OIL 60,C00 lb 

centa/lb 


Close 

Prev 

High 

LOW 

Sept 

15.73 

15.75 

75-82 

76.70 

Oct 

15S8 

15.88 

16.9S 

16.82 

Doc 

16.23 

16.22 

16.30 

10.17 

Jan 

16J36 

16.38 

16.44 

10-34 

March 

18.87 

16.88 

10.7B 

16.65 

May 

16.90 

1635 

17.00 

15.90 

July 

17.17 

17.15 

17.20 

17.10 

Aug 

17.1 & 

17.15 

17.15 

17.16 

S:pt 

17.16 

17.15 

17.1S 

17.16 


GOLD TOO troy or. S/troy oz 


WhEAT 6JX30 bu min, 
conta/80 lb-bushel 


Sept 

Close 

463.1 

Prev 

464.0 

High 

466.0 

Oct 

465.1 

486.1 

467.8 

Nov 

468.0 

— 


Dec 

470.8 

471.7 

473.8 

Feb 

478.9 

477.8 

479S 

April 

483.1 

483-9 

434.6 

JWJ0 

488.4 

490.1 

480.5 

Oct 

503.1 

603.6 

504.0 

Dec 

670.0 

510 .4 

8123 

Feb 

617.2 

517.4 

518.2 

June 

631.8 

631^ 



Low 

4ffi.O 

483a 

469.2 

476.0 

462.0 
490.8 

504.0 
BM.D 
siaa 


Cloae Prev High Low 
Sept 275JJ 274.6 Z7B.0 27X2 

Deo 2S7.4 2B7.6 288.4 288.0 

March 2923 290.9 293-4 290.6 

May 284.0 286.4 283.6 234.0 

July 272.0 2724 273.6 2720 

Sept 2750 2764 — — 

SPOT PRICES— Chicago loose lard 
15.00 (sum) cent* per pound. Handy 
and Herman silver bullion 7720 (789.0) 
cents per troy ounce. New York tin 
317-318 (some) cants per pound. 


lousiness 

done 


1220-UH 

1288-1245 

1288-1879 

1817-1388 

1327-1528 

1353-1842 

1174-1355 


Barley. Sspt 97.16-6.90, Nov 100.20- 
99.86. Jan 1Q2J04.65, March 106.00. 
Mey untradad. Salas: 5S lots of 100 
tonnes. 

HGCA — Locational ex-farm spot 
prices. Feed barley: E. Midlands 96.60, 
N. East 96.80, Scotland 94.00. The UK 
coefficient for tha woek beginning 
Monday September 14 (baaed on HGCA 
calculation* using three days' exchange 
rates) is expected to remain un- 
changed. 


POTATOES 

November opened £1.60 down as 
traders continued to take a dim view 
of short-term physical prospects. This 
initially set die tons for April which 
opened fiOp down but quickly recovered 
to Trade quletfy at around unchanged 
levele. picking up towards lunch. Ner- 
vousness over weather forecasts end 
concern over possible MAFF onion on 
Imports kept sentiment needy through- 
out tha efumoon for prices to close at 
the highest levels since late July, re- 
ports Coley and Harper. 

i Yeats May' ai Previous iBualness 
Month ( ctoaa I efew | ckmo 

E par tonne 


GAS OIL FUTURES 


MOftth 

YestanTyiU* or 

close f — 

Business 

done 

Sept; 

use ! 

per tonne; 
157.00 I — 

167J3B i — 0.76 
16B.76 »— a76 
160.60 1-0.68 

l67aB0-&6.ffi 

Nov..— 

X50J668.26 

181.B04HI.W 


1 I 



Turnover: 1.TO5 (5.166) Iota of Id 
tonnes. 


SOYABEAN MEAL 



Yesterd'ya 

cloae 

+ or 

Business 

dona 


£ 

per tonne 



Deo — 

Feb 

124.Z-124.5 

125.0-726.5 

+OJ26 
+ 0.50 

124.2 

1EB.0 

April 

June. 

127.0- 127.5 

123.0- 724.0 

+ 0.60,126.8 
+ 0.50,128.8 

October 


— 



Nov .. — } 66 .BO 86.60 B6.B0-B5.00 
Feb. —J 96.00. 96.30 - 

March -J Cffi.OOj 84.20 85.00 

Apr. ...ZllSft.SJff 132.00 134.00-1 31 AO 
May. — JX47.10 146 JM) 147.00 


Salas: 635 (288) tou of 40 tonnes. 


OIL 


Sales: 101 (788) Iota of 20 tom 

SUGAR 

LONDON DAILY PRICE— Raw S 
$148.40 (£89.80), down $4.00 (d 
£2.80) o tonne for Saptembar-Oci 
delivery. WhiM sugar S18L20, c 
S2.40. 


(Change 
Latest H- or — 


CRUDE OIL-FOB (8 par barrel) Sept. 
Arab Light*. 


Arab Heavy. «... 

Dubai 

Brant Blend 

W.T.L (lpm edt). — 
Forcados miggrla) 


Urals (df 


|l7AO-X7.30*l — 

IS. 15-10. £0, — 0.28 

1 ia^o-xg.4a- +oj* 


PRODUCTS— North West Europe 
Prompt dafiyanr olf (8 per tonne) 


Premium gasoline-- 

1T7-180I 

— i 

Gas Oil — 

186-157 

—1 

Heavy fuel Oil 

B7-BB 


Naphtha.-..., 

166-160 

n/a 


< Ootcbor. 

Potmtoum Argus asthnataa 

Cox’s apples to 
have £lm promotion 

THE APPLE and Pear Deve- 
lopment Council 1$ spending 
£lm this autumn to promote 
Cox's apples, although a survey 
says that almost half of all 
home-grown fruit sold is super- 
markets is damaged. 



1 

Testord’s j Prcvioua 
close ■ close 

Bualneu 

done 

$ per tome 


No. 0 Rawa 

Oct..„.| 127.2-127,41 129JM2BJ 

1 1343 15t0! 187 J-liBJ 

Mar f H6.8-148.0i 147.2- M7.B 

May-.... 150.2-150.4 151. 4-181.8 

Aug j 1B4.B-lfifi.fl!lB5.e-15B3 

£«-■- ISM-lMAINM-KILfl 
DOC- | 183.6- 1B4.B] 164 3-1B8.4 

1283- 

U83-1BS.S 

1483-M4.4 

152.4-1513 

156.8-1563 

IIU-16M 

NO. 6 V 

Oot. 

Dec 

Mar- 
May 

S SI::::: 

Deo — 

mites 

178.0- 180,0 

778.0- 180.0 
1M.B-1B5.2 
1M3-183.0 

I92.ff.1843 

1BS.8-1S7.4 

188.0- 208.0 

1783-7B03 
178.2-180.2 
1543-1883 
1883*158.0 
1883-103.01 
135.0-180,6 
1893 1 

188.0- 1783 

711.4- 188.8 

187.0- 1643 

185.4- 1B9.D 
1B3-1M.® 
187.9-188.8 

183.4- 1993 

Salat: No 6 1.477 (3,308) lota of 60 
tonnes: No 8 3,153 (1,979). - 


Tate and Lyle delivery price 
flwurtotad basis sugar was £1S 
(£197.00) a tonne for export. 

International Sugar Agreement— 
cenw per pound lob and atowed Cl 
bean porta). Prices tor Septembe 

6.56 y (5sa) 5 ' 51 (5 ' 80,: 1Way 

(FFr 1 par tonne): Oct 1 
JOBS, Dec 1090-1085. March 1120-1 
Aug 1187-1175. 



11 




Financial Times- Saturday September 5 1987 




WORLD STOCK MARKETS 


NEW YORK 
*Mi> IS? I*' 


* IS? I*-" 



SeptenherS 


Mn +ar 
US* 1 - 


MS -S 
3SS -U 
53S -Mi 


l ' 

nyr'SI 


h- 

' 

» 




WALL STREET 

Depressed 
in moderate 
trading 

STOCKS REMAINED depressed 
in moderate trading on Wall 
Street yesterday ahead of a three- 
: day weekend. Only a moderate 
upward move in the dollar alter 
the half point rise in the discount 
rate left investors with little 
encouragement to buy stocks, 
traders said. 

By 1 pm the Dow Jones Indust- 
rial Average was off iSLOl to 
2586.58 and the NYSE All Com- 
mon Index shed 53 cents to 
S178.8L The Transport index lost 
7.24 to 1 028. 48. Declines led adv- 
ances by a seven-to-five majority 
in a volume of 108.15m shares. 

The Stock Market ignored a 
lower than expected rise in 
August employment, analysts 
said. They explained that while 
higher rates generally can weigh 
on stocks, the discount rise 
strengthens bond prices and the 
dollar, supporting stocks. 

Golden Nugget gained Sift to 
$18— it said it was buying back a 
substantial portion of stock. 

Active early issues included 
IBM, up Sft at 5162ft. 

Analyst Eugene Peroni of Jan- 
ney Montgomery Scott suggested 
the discount rise worked both as a 
means of supporting the dollar 
and fighting inflation, and also as 
a dampener on business expan- 
sion. 

THE AMERICAN SE Market 
Value index gave way l.lA to 
355.16 in a volume of 9.28m shares. 

CANADA 

Stocks moved slightly lower in 
active mid-session trading in reac- 
tion to falling crude oil prices and 
rising US interest rates. 

The Toronto Composite index 
slipped a farther 2.70 to 3,959.90. 

Closing prices for North America 
were not available for this edition. 


Interlisted Blue Chips followed 
Wall Street lower. 

Most Banks made gains as US 
prime rates rose to 8ft per ceut 
from 8V4 per cent in reaction to a 
US discount rate rise, 

Texaco Canada shed Sft to 535 — 
it is cutting crude oil postings by 
79 cents a barrel after similar 
moves by Fetro-Canada and Shell 
Canada earlier this week. 

Golds moved higher after Thurs- 
day's losses. 

Metals continued weaker. 

T0Y0 

Share prices gained in moder- 
ate trade on bargain-hunting after 
Thursday's sharp declines. 

The 225- share market index put 
on 94.15 to 25,744.03. Advances led 
declines five- to- four in turnover 
of 850m (900ml shares. 

Brokers said the market had 
regained some of the confidence 
lost on Thursday on news Tateha 

Chemical Industries lost about 
Y20bn in bond futures specula- 
tion. 

Export-related Electronics, Pre- 
cision Instrument and Auto issues 
rose on bargain-bunting. Expecta- 
tions US interest rates may rise to 
support the dollar against the yen 
was also a market factor. 

Futaba gained Y550 to 5.450 and 
Hirose Electric Y400 to 4,750. 

Securities bouse stocks reco- 
vered alter heavy selling on 
Thursday. Glass/Cement, Ship- 
ping, Non-Ferrous Metal. Chemi- 
cal and Rubber stocks improved. 

Some questions remained about 
the long-term market impact of 
the Tateho bond trading losses, 
brokers said. 

Securities House shares fell on 
Thursday because they, like 
Tateho, are believed to hold hefty 
bond investments. But with bond 
prices mostly steady on Friday, 
bargain-hunters moved into those 
shares. Nomura Securities rose 
Y90 to 4.760, Daiwa Securities Y70 
to 3,140 and Yamaiehi Y40 to 2,490. 

Tateho's stocks, which are listed 
only on the Osaka Stock Exchange, 
did not trade because sell orders 
exceeded buy orders. The stock's 
offer price was Y 1.020 at 15.02 
local time (06.02 GMT) against 
Wednesday's closing Y 1.520. 

Taiyo Kobe Bank, which owns 4.9 
per cent of Tateho, lost Y50 to 
1.610. However, Nfkko Securities. 


which advised Tateho on invest- 
ments, gained Y40 to 2,340. 

The market- feels more relieved 
because two companies, Mitsu- 
bishi Metal, Thursday, and Mitsu- 
bishi Cement, yesterday, said they 
did not do such dangerously 
speculative investments, said 
Hiromi Yoneraa of Wako Secur- 
ities. 

The first section index finned 
0.81 to 2,121.19. The second section 
index put on 7.57 to 2,673. 
Turnover 17m (16m) shares. 

Bank, Insurance, Railway, Com- 
munications, Gas, Real Estate and 
Construction shares fell. 

HONG KONG 

Steady close in heavy trading as 
institutional profit-taking erased 
strong gains recorded in the 
morning. 

The Hang Seng index edged up 
053 to 3,654.48 after advancing 
more than 25 points early in the 
day. Turnover $HK2.65bn 
($HKL49ba). 

Brokers said sentiment 

remained bullish amid growing 

signs of an economic boom. But 
they said investors were moving 
flinds into " second" and “third 
line H issues that have lagged the 

market. 

HK Telephone climbed 40 cents 
to SHK14.80 and China Light 30 
cents to SHK27. 

SINGAPORE 

Bargain hunting and short- 
covering helped share prices to 
rise over a broad front in moder- 
ate trading. 

The Straits Times Industrial 
index gained 25.04 to 1,413.08. 
Volume 35.6m (32.5m) shares. 

Brokers said market sentiment 
was still cautious and most 
foreign institutions refrained 
from opening new positions d ue to 
lack of fresh factors and con- 
tinued uncertainty about the 
situation in Malaysia. 

Operators were also cautious 
because of uncertainties surroun- 
ding the new Settlement and 
delivery system ,to be Introduced 
on the local exchange next 
Monday. 

Selected Malaysian stocks 
dominated trading. 

AUSTRALIA 

A series of negative signals from 
abroad overnight, including 


weaker international gold prices, 
pulled the Australian share mar- 
ket lower. 

Brokers said a late flurry of 
buying across the board was 
unable to make up tor early losses 
following Gold’s USSL90 an ounce 
retreat in New York, with many 
leading Mining . stocks lower 
Industrials were also marked 
down on profit taking following a 
lower overnight close on Wall 
Street 

The All Ordinaries index was 
8.8 below Thursday's record close 
at 2,194.9. The All Industrials 
index eased 0.9 to 3,233.1. the Gold 
index 22.8 to 3.967.9 and the All. 
Resources 15.0 to 1,398.1. 
Turnover 161m shares worth 
AS370-24IB. Rises outnumbered 
Calls by four-to-three. 

PARIS 

French shares closed the con- 
tinuous session higher after active 
trading on good volume. The mar- 
ket was led by the Motor sector 
following Thursday’s announce- 
ment of a cut in the VAT rate on 
cars. 

The GAC index closed at 435-9 
(429.7). 

Foreign and domestic buyers 
took the declaration on VAT as a 
heartening sign tor the French 
economy, and all sectors benef- 
fited from the strong rise in 
prices. 

Heavy speculative buying on 
household appliance maker 
Moulinex pushed its “low- 
priced " stock up FFr 8 to 84. 

Food and Drink stocks also 
gained ground. 

GERMANY 

Sharply lower on continued 
speculation that the world's five 
leading industrial nations would 
soon lower dollar intervention 
rates. 

Investors kept to the sidelines 
and turnover was minimal. Deal- 
ers said next week's regular meet- 
ing of Central Bankers in Basle 
could eventually lead to a change 
in the Louvre accord. 

They added that West German 
interest rates could rise in the not 
too distant future if the US 
decided to raise its interest rates 
to brake Lhe dollar's slide. They 
noted that West German bonds 
had weakened following the los- 
ses in the US. 


Septanfcar 3 


lTk 

ai* 

29*i 
2*2 
35 
7«, 

2M, 

335 . 

SU« I 
ZTlg 1 



Price 
Crn.% 

27k 

. 1 * 

» J? 

iJr 3 

UP, * 

aji 

23*2 
34\, 

Kl. 











BELGIUM/LUXEMBOURG 

Ins I 








aw, I +? 

3BV I +*| 


Indices 


NEW YORK DOW JONES 


















HONG KONG 

sep- « 


1 price I + m 
I hjcs 1 - 


+05 
830 1+02 

13J0 } -02 
2700 |+03 
0.95 


7.75 
30 I -035 
DAO 1 
020 



[rerrr 




IS 


1 






-05 

,7 JO I 

030 I —03 
9-60 |-0J 

35 





















5.75 +0.15 

432 +OOB 
7-65 +02 




















































































































































































































































12 


CURRENCIES & MONEY 


FOREIGN EXCHANGES 


Dollar shows little response 


THE US DOLLAR showed a neut- 
ral reaction to a surprise halt 
point increase in the US discount 
rate and a similar rise in US 
banks' prime rates. Short covering 
ahead of the long US weekend 
virtually ensured that there would 
be no renewed attempt at pushing 
the dollar weaker. Traders were 
not in any mood to run short dol- 
lar positions over the weekend 
because of rising tension in the 
Gulf and the possibility of central 
bank intervention. 

Taking a slightly longer term 
view, there was already a clear 
indication that the US trade 
deficit was unlikely to show any 
improvement this year and this 
tended to hang over the market, 
effectively excluding any positive 
reaction to the rise in interest 
rates. 

News of an unchanged 
unemployment rate of 6 per cent 
created little response. The dollar 
closed at DM1.7950 compared with 
DM1.7935 on Thursday and 
Y141.70 compared with Y141.0. 
Elsewhere it finished at SFrl.4870 
from SFrl.4835 and FFr6.0075 
Cram FFr6.0025. On Bank of Eng- 


land figures, the dollar's 
exchange rate index finished, at 
1003 from 100.2. 

Sterling finished little changed 
on the day. Its exchange rate 
index closed at 73.0 compared 
with 73.1 at the opening and 73.1 
on Thursday. Trading was quiet 
ahead of the weekend and the 
pound finished at $1-6540 from 
$1.6560 and DM2.9725, unchanged 
from Thursday. Against the yen it 
rose to Y234.50 Cram Y 233.75. It 
was unchanged against the Swiss 
franc at SFrt.46 and Tell in t er ms 
of the French franc to FFr9.9375 
from FFr9.9525. 

D-MARK— Trading range 

against the dollar in 1987 is 
L93Q5 to 1.7090. August average 
1.8573. Exchange rate index 
147.2 against 147.6 six months 
ago. 

News of a half-point rise in 
the US discount rate failed to 
provide any underlying support 
for the dollar in Frankfurt. It 
closed at DM L7S40 down from 
DM 1.7950 on Thursday. 

Dollar sentiment remained 
extremely bearish and traders 


were more concerned about 
next week's US trade figures 
than anything el se. 

JAPANESE TEN— Trading 
range against the dollar in 1987 
is 159.45 to 138.35. August aver 
age 147.57. Exchange rate index 
223.7 against 209.0 six months 
ago. 

Short covering ahead of the long 
weekend in New York pushed the 
dollar slightly firmer in Tokyo. 
There was little evidence of any 
intervention by the Bank of Japan. 
Most traders considered interven- 
tion at this point as being super- 
fluous since position squaring was 
ensuring demand for the US unit 
and keeping it steady. 

Concern about rising tension in 
the Gulf also played its part in 
deterring any temptation to carry 
short positions over the break. 

The dollar closed at Y 141.451 
against Y 140.95 in New York and 
Y141.20 in Tokyo on Thursday. 
However, dollar sentiment 
remained bearish and traders 
were expecting next week’s 
release to show another set of 
disappointing trade figures. 


£ IN NEW YORK 


POUND SPOT— FORWARD AGAINST THE POUND 



Latest 

Pmlous 

□He 

EStM 


1 A 575 - 1.6585 

JL month 

Q37-Q3Sctm 

OJSOJ 7 dr] 

3 roomhi — 

1 U 4 - 1 U 9 IW 1 

lUA-lllpni 

12 mootfrt- 

32 S- 5 .I 5 oai 

3 .<O- 3 J 0 pm 


Forward premiums and discounts apply to the 

U.S. dollar. 


STERLING INDEX 



SefU. 4 

Previous 

830 

am i 

73.1 

73.0 

9 X 0 

am - 

733 

73.0 

10.00 

am 1 

732 

73.0 

11.00 


732 

73 JO 



732 

73.0 

LOO 


732 

73.0 

2.00 


730 

73.0 

3.00 

put 

73-1 

73.0 

4 J» 

pm 

730 

73 J. 


Belgian rale is lor convertible francs. Financial franc 6 ZP 5 - 62 J 5 . 
2 . 02 * 1.97 c pm. 12 -month 3 - 33 - 3.23 c pm. 


SU-mttfi forward dollar 


CURRENCY RATES 


POUND SPOT— FORWARD AGAINST THE POUND 






Sett 4 

Day's 

spread 

Close 

Ooe montb 



% 

SeoL 4 

StsrrHaq 

Bank 

Special 

Dramring 

G . 784928 

Esrccean 

Coneacy 

Unit 

0.697439 

P-a. 

months 

P-a. 

% 

US 

Canada 

16480-16575 

22706-22800 

334 - 335*4 

16535-16545 

2272022730 

3331 .- 3344 . 

0394136 qm 
062623 c pm 
1 V 1 ‘i C pm 

232 

0.97 

430 

128-123 pm 
0624150 pm 
4 V»iPni 

279 

169 

4.72 






6 L 526 L 97 

6125-6165 

22-15 c pm 

360 

58-47 pm 

■Til 



16.4054 

48.4655 

145751 

43.0640 

7.99258 

Denmark 

U. 42 VU- 47 IJ 

11 . 45 - 11/46 

ItpnJzita 

-039 

VI* ore dis 

B.ftl 

7^4 

1 retori 

W- Germany . 

12140-13200 

2 . 96 V-Z. 974 , 

12145-12155 

2 . 96 I 4 - 2 . 97 L 

067-061 c pm 
lV^ilrfpn 

a<J 3 

666 

022665 pm 
4 V 4 *.pm 



39 

233229 

Portugal. 

23362 Z 35 J 5 

23363-23460 

69-123 etts 

- 4.92 

251-342 ifes 

-566 

NeUt. Guilder - 

4 >z 

262686 


Spain 

19923-20023 

199 . 13-19968 

86-118 c db 

-614 

197-246 db 

- 4.44 

French Franc. . 
Italian Lira 

9 *t 

12 

760591 

NA 

6.93502 

150124 

Italy 

Norway 

214 BV 2158 t» 
1089 - law* 

2151 >?- 2152 >j 

10 . 9220.93 

3-7 lire db 
3 V 4 ore (As 

—279 

-465 

13-17 IBs 
10 - 10 *i its 

-279 

-360 

Japanese Yen . 

2 '? 

183328 

163336 

France 

9 . 9112 ^ 9 . 94 ^ 

9 . 93 V 9 . 9 ft 

2-Va c pm 

221 

|*n 

L 94 

Nonray Krone 

8 

836702 

761179 

Sweden .... 

10 . 46 V 10 - 51>4 

1 A. 4812 -I 0 . 49 t 2 

1 -ij ore »nn 

066 


061 

Spanish Peseta. 

— 

156.734 

139277 


234-235 

234 - 2 ® 

IV 1 ym 

5.76 

3 % 3 %p* 

5.97 

Swedish Krora 

7h 

822543 

731119 

Austria 

2067 - 20.99 

2067 - 20.90 

low* pro pm 

3-57 

30 V 2 B pm 

539 

Greek Orach. - 
Irish Pout 


178.036 

NA 

L 71529 

Switzerland - 

2 . 45 tj- 2 . 46 t 2 

ZASitZAUi 

lV-Dp c pm 

620 

4-314 pm 

630 


0 . 778 U 9 

Betgfcm rale Is tar convertible francs. Financial franc 6245 - 6225 . 

SlMmaSi fonanl doHar 


•CS/ 5 DR rate for Sept. 3 ; L 7 D 475 


CURRENCY MOVEMENTS 


EURO-CURRENCY INTEREST RATES 


Sept. 4 

Bank of 
Enpland 
Index 

Morgan 
Gxaranty 
Changes % 

Sterling 

736 

-203 

LLS-Dotor 

1003 

- 6.7 

Canadian Doltjr 

7 B .4 

-96 

Austrian SdiiRing _ 

138.0 

4-102 

BeHlto Franc 

1006 

-46 

thmhh Krone — 

912 

+12 

DeutsetieMarlc 

1472 

+216 

Swiss Franc 

1733 

+220 

Guilder 

135.4 

+143 

French Franc 


-132 . 



-183 

Yen 

WjSA 

+ 66.7 


Morgan Guaranty changes: average 11B0- 

1962=100. Bank of England Index (Base average 
1975=1001. 


SepL 4 

Start 

term 

7 Days 
notice 

DM 

Month 

Three 

Unotbs 

Six 

Months 

One 

Yew 

Sterimu 

W.- 9 S, 

9 Y 9 >| 

VH- 9 % 

10 A- 10 A 

104-104 

UH-iOA 

U 3 . DoHar 

Can. DoHar 

6 B- 61 ) 

«Wi 

6 U-bfl 

7 * 4 - 71 * 

9 «, 

7 A- 7 A 

9 &- 8 B 


8464 

10-94 

D- Guilder 

SrS 

5 A- 5 & 

Wt 

5 *r 5 *» 

5 >j ^4 

5 A- 5 A 

Sw. Franc 

1 WV 

1 VI% . 

3 S- 3 A 

3 V 3 iz 

9»',-33 

4 A- 3 H 

Deutschmark _ 

3 V 3 V 

3 H- 3 S 

43 % 

4 - 3 % 

«A-« 

4 VI 4 

Fr. Franc 

7 A- 7 A 

7 a- 7 & 


84-8 

asi-aa 

94-94 

Italian Lire 

12-10 

13-1112 

13 V 12 Y 

13 *,- 12 *i 

13 * 1-124 

134-13 

B. Fr. fFkO 

— 



W .64 

7 A- 7 A 

74-74 

8 . Fr. IColI — 

— 


8 V 6 *. 


7 A 6 S 

V .-44 

74-74 

Yen 

— 

3 n-A 

«A -4 

4 A -44 

44 - 4 i 

0 . Krone 

— 

9 V 9>2 

1 QV 10 

10 * 4-104 

11-104 

11 V 104 


WA 

6 VW* 

7 * 4 - 71 * 

74-74 

7 V 74 

8 A- 8 A 


OTHER CURRENCIES 


Loog-ttnn Eurodollars: Two years 9 -W* per cent; three years 9 *|- 9 % per cent; four yean 9 %- 9 *| per 

cent; fire yean 9 V 9 ^ per ceMnombHLStart-tra rates aecail tar US DoUm Ml Japanese Y«vMtef% 

two days’ notice. 


September 4 


Argentina _ 
Australia _ 
Brazil — 
Finland. 
Greece . 
Hong Kong . 
Iran — 
Korea! Sill) ., 
Kowa« - — 
Luxembourg 
Malaysia _ 

Mexico 

N_ Zealand . 
Saudi At. ™ 
Singapore- 
S. Af. fCm) . 
S-AI.(Fn)- 
Tatwan. — 
U-A.E- 


3 . 8005 - 3 . 8 ISO 
2282 S- 2 . 2 BS 5 
80^50500 A 99 S 
72095-72220 
22525-22825 
12 . 7850 * 12 X 740 
116 . 75 - 
1331 * 5 - 1343.70 
0 . 4615 - 0.4625 

61 . 75 - 61.85 
4 . 1300 - 4.1600 

Z 48 L 90-24 9520 

2 A 4 90 - 21*540 
61895 - 6.1930 
3 . 4540 - 3.4820 
31370-33525 
5 . 4725 - 5 A 595 

49 . 75 - 50.00 
605954.0650 


22980-23070 

13815-13825 

483190 - 48.7610 

43650-43680 

13610-13830 

7 . 7990-72010 

70 . 90 * 

80330210.10 

02795-02800 

3730 - 37.40 

23090-23110 

1500 . 00 - 1508.00 

1 . 6035 - 1.6050 

3 . 7500 - 3.7510 

2292022940 

232852.0345 

33055 - 3.4185 

3005-3005 

33725-33735 


EXCHANGE CROSS RATES 



£ 

n 

a 

□ 

03 




ID 

B Fr. 

£ 

L 

1654 

1 2973 I 

2343 1 

9.938 

RSI 

3343 

2152 

2273 

6160 

S 

0605 

L 

>^1 

141.7 | 

fcnna 

iy 

?«n 

1301 . 

1313 

3735 

DM 

0336 

0356 

L 

7869 | 

3343 

1^1 


7246 


20.79 

YEN 


7653 

TPM 

1000 . 

4238 

rrri 

It.*--! 

9177 . 


2635 

F Fr. 

160 b 

1664 

2991 

2366 ' 

10 . 

1 2475 

3364 

2166 . 

2186 1 

6229 

S Fr. 

0.407 

0672 | 

1208 

9533 

4640 

2 j 

1359 

8746 

0683 

2522 

H FL 

ESI 


0689 

7026 

2973 

0.736 

L 

6436 

0650 

18.49 * 

lira 


IEJ 

1381 

1096 

4618 


13 H 

IOOO. 

1610 

28.72 

C S 

ESI 

0.761 

1368 

107.9 

4 J 74 

1 J 32 

1339 

9906 

L 

2845 

8 Fr. 


2676 

4610 

379.4 

1669 

3.981 

5409 

3482 

3315 

100 . 


*S tiling rate. 


Yen per WHO: French Fr per 10 : Lira par IJXXh Belgian Fr per 100 . 


MONEY MARKETS 


UK rates little changed 


INTEREST RATES in London 
showed little reaction to a sur- 
prise half point rise in the US 
discount rate. There was no press- 
ure on sterling and after a brief 
fillip, the dollar resumed its 
downward path. Consequently UK 
markets took the rise in their 
stride and three-month interbank 
money finished just one-sixteenth 
of a point firmer at Z0&-10& per 
cent compared with lOtt-lOta per 
cent on Thursday. 

Period rates were a shade 
easier as the market adjusted is 
longer term view about the UK 


There was no assistance in the 
morning by the Bank but in the 
afternoon the forecast was revised 
to a shortage of around £300m and 
the Bank gave assistance of £10Im 
through outright purchases of 
eligible bank bills in band l at 9% 
per cent Late help came to £190m, 
making a total of £291m* 

The improved sentiment for 
interest rate trends was reflected 
in the weekly Treasury bill tender 


where the £200m of bills on offer I 
attracted bids of £LS45m against 
£982m for £300m the previous 
week. The minimum accepted bid 
was £97-555 compared with £97.54 
and bids at that level were met as 
to about 19 per cent and above in 
foil against 100 per cent pre- 
viously. All of the £200m of bills on 
offer were allotted. Next week a 
farther £200m will be on offer, 
replacing maturities of £400 ul 


FT LONDON INTERBANK FIXING 


HUM BJM. sepuu 3 months US. deltas 


bW7A 


7 A 


6 month* U 3 . Italian 


hid 7 £ 


Uffer 7 fi 


UK clearing bank base 
lending rate 16 per cent 
since August 7 


The faring rates are the arithmetic means, reunited to the nearest one-sixteenth, of the bid and 
offered rates for Slfim turned by the market to fire reference banks at 1 X 00 am. eadi working dayJ 
The banks are National Westminster Bank; Bank a t Tokyo, Deutsche Bank. Bangae National e <U 
Paris and Morgan Gmraray Trust. 


economy and its effect on Interest 
rates. Recent comments by Mr 
Nigel Lawson, UK Chancellor of 
the Exchequer, stressing the 
determination of the authorities 
to keep inflation in check together 
with encouraging signs from the 
latest CBI survey meant that last 
month's rise in clearing bank base 
rates was probably sufficient to 
counter disappointing money sup- 
ply figures. 

Weekend interbank money 
opened at 20-9% per cent and 
eased to a low of 9 per cent before 
coming back to 9% per cent. 
However, late balances were 
taken very cheaply down to 1 per 
cent 

The Bank of England forecast a 
shortage of around £200m with 
factors affecting the market 
including the repayment of late 
assistance and bills maturing in 
official hands together with a take 
up of Treasury bills draining £lOm 
and a rise in the note circulation a 
further £280 m. These were partly 
offset by Exchequer transactions 
which added £75m and banks' 
balances brought forward £L5m 
above target. 


September 4 

OrenlgM 

One 

Two 

Hire* 

Six 


Months 

Months 

Months 

Frattrftst 

365-325 

3604.95 

360 - 3.95 

360660 

425-430 

Paris 

'tit 

54 - 51 * 

3-71875 

7 H- 7 H 


8 &- 8 i 













450 ’ 




— ™ 

mm 

w 

9 H- 9 H 

10 V- 10 =i 


Lombard 


S3 

7ia 


LONDON MONEY RATES 


St #A 


IldCriBflk , 


Starting CDs. . 


Local Autifrity Dos. . 
Local Authority Bonds 
OlseoEd Mia Dtps. 

Conwy Depute 

Ftaana* House Depasta _ 

Treasury Bins (Buy) 

Bank Bills (Buy) _____ 

Fine Trad* Bills (Buyl 

Collar CDs 

SDR Linked Deposits 
ECU Uriari Depasta 


Ow- 

■tgftt 


10-1 

* 


9**8 

9%-ffa 


7 tags 
notice 


9%-9*a 

IS 


9V9\ 

9 H- 9 H 

9 % 

9 tt 


204% 

Jh 

9fl 

9H 

UP, 

735-730 

6A-6& 

■Pr-7 


Tim 


Mi. , 

iDd-: 
10 & 
1 CK. 

n 

104 

10*4 

n 

Vt 

m 

7 25-720 
6 Jrbi 
7U-TV 


Six 


Wl- 10% 

10 A 
10*2 


Ufa 

10*a 


10 

10 % ^ 
735-730 




Ooe 

Yew 


m- 


U* 

UH 


lDk 

lfMa 


naruTig 

W1 


BU “ pw cm: tlireMmitta' 9H P* w* Bills (*«£* 

’ll **<*»!/ "Mb* percent; Treasury Blits; Average tandermta of discount 
Fhew*. Make up day August 2 % 1987 . towd rates 
fcr period September 23 u October 25 1987 , Schema J; 1124 p*, Scheme* ll & III: U 31 p.c. 
Referefiee rate tar period Au^tstl to August 28 , 1987 . Scheme IV: 10.037 px. Local Authority and 
Finance Houses seven days' nuiee, others seven days' fixed. Finance Houses Base Rate lfl per cett| 
from Septentaer 1 . 1987 : Bank Deposit Rates tar suns at sewn day*' notice 3 - 3*1 per cm. 
Certitfcaies of Tax Deposit (Series 61 ; Deposit £300300 ami over held under one montfi 8 per centjl 
one-three months per cent; three-six mo n t h s 10 U per cert; slx-oiite months 10 %per ««; »**i 

12 momhs 10 % per cent; Utaer £ 100.000 B per cert from September 2 , Deposits withdrawn (or 
cash 5 per cent 


■ L f - * - 


Financial Times Saturday September 5 1987 

LONDON STOCK EXCHANGE 


Sett 4 

Day's 

spread 

CtaM 

One month 

IML 

Three 

months 

m 

US 

16480-16575 

16535-16545 

0394)36 cpra 

272 

128-123 pn 

279 1 

Canada — 

21706-21800 

22720-22730 

062-023 cpm 

0.97 

062650 pn 

163 . 

Netherlands . 

334 - 3 JS*i 

333 V 334 V 

IVlHon 

430 

i; 

4.72 

Betqtasi , — 

6 L 526 L 97 

61 . 75-6185 

22-15 cpm 

360 

58-47 pn 

3M ■ 


LL 42 *a - 1247 ** 

1145-1146 

* 4 pm J 2 ore db 

-039 

* 2 - 1*1 ore 10 ^ 

—033 . 


12140-1300 

12145-12155 

067 lfc-C .01 pm 

0.43 

122 db-OXJO po 

-OAB 

W. Germany . 

296*, -2 974 

2964 ( 2 . 97 % 

Wh pf pm 

666 

4 VW 4 *m 

5.97 , 

Portugal 

23363 - 235.15 

23363-23460 

69-123 crib 

- 4.92 

251-342 «• 

-506 


19923-20023 

19923-19938 

86-118 c db 

-624 

197246 dl: 

- 4.44 1 

Italy 

2148 ** 4058*4 

21511 * 2132 ** 

3-7 Hre db 

-279 

13-17 iS: 

-279 


1069 - 10 . 94 *t 

10 . 92 - 10.93 

3 * 8-4 ore db 

-465 

10 -ID*, dl 

-360 - 

France 

9.91 **- 9 . 94*1 

9 . 93 * 4 - 9 . 94*4 

2 - 1*2 c pm 

221 

5 *t- 4 *. pn 

L .94 . 


10 . 46 *t- 1031 *< 

10 . 48 * 2 - 10 . 49*2 

l -*2 ore pra 

066 

2 * 2 - 1 *! pn 

061 

Japan 

234^35 

234235 

l*rly pm 

5.76 

3 V 3 *,pn 

5.97 

Austria 

2067 - 20.99 

206720.90 

10 *r 9 *s 9 ro pm 

557 

30 V 28 pn 

559 


245 ** 24 fc*j 

245 * 2 - 246 ** 

lVl*s c pm 

ftrn 

4 - 3 *. pm 

630 


International takeover moves feature markets 


Account Dealing Dates 
Option 

•first Declare- Last Account 
Dealings tians Dealing Day 
Aug 24 Sept 10 Sept 11 Sept 21 
Sept 14 Sept 24 Sept 25 Oct 5 
Sept 28 Oct 8 Oct 9 Oct 19 

•Mew time itaaNnps may tab* place 
from 930 am too huviiwn digs earlier. 


A series of worldwide takeover 
moves fallowed by a rise in the US 
Federal Reserve discount rate 
gave UK security markets plenty 
to consider yesterday. Large 
amounts of cash were involved in 
the bids, initiated by the Ladbroke 
group purchase of Hilton Inter- 
national from Ailegis Corporation 
for $1.07bn (£645m). Shareholders 
will have to put up £254m net in 
additional funds to finance the 
acquisition. 

The New Zealand-based Brier- 
ley Investment arrived next with 
an all-cash offer for UK insurance 
company Equity and Law, valuing 
the group at some £367 m. A little 
while later the Australian Bond 
Corporation announced a $L2bn 
cash offer for US brewer G. Heiie- 
man, and Philips Lamps appeared 
on the scene with a new and 
recommended bid for the 42 per 
cent not already owned of North 
American Philips- There were 
also two smaller bids for UK com- 
panies, and an approach. 

Ladbroke’s request for funds 
adds to the heavy demands being 
made on market resources via 
next month's British Petroleum 
issue and lesser flotations. 

Leading shares refused to bow, 
however, and closed the second 
leg of the extended trading 
Account on a rising note. The 
main indices sported further dou- 
ble-figure gains before sentiment 
was clouded by the US market’s 
reaction to the discount rate rise. 
The FT-SE 100 share index then 
drifted back to close a net 6.8 
higher at 2J274.& Its rise since the 
start of the Account is currently 
69.1. 

Part of the week’s gain reflects a 
squeeze on traders' book posi- 
tions. Before Tuesday’s balance of 
payments data many professio- 
nals went short of FT-SE fiitnres, 
and the subsequent covering of 
these commitments has influ- 
enced the direction in the cash 
market 

But analysts Nick Whitney and 
lan Harwood of Warburg Secur- 
ities write in their weekly equity 
briefing “ the market's reaction to 
the trade figures suggests that it 
has come to terms with the pros- 
pect of a substantial trade deficit 
in 1988.” The autumn reporting 
season has so far produced “ bet- 
ter than expected company 
results and that the worst is over, 
although liquidity concerns may 
delay the return of the bull 
market.” 

Bond prices were showing little 
change on overnight levels in 
front of the Fed move. The longs 
had made a brief excursion into 
single-figure yield territory, 
mainly on inter-dealer activity, 
but in the absence of any fresh 
European demand lost their 


FINANCIAL TIMES STOCK INDICES 


Government Secs. 


Fixed Interest 


Ordinary 9 . 


GoW Mines . 


0rd.0h.YlcU. 


EaretogsYkL%{hiH)__ 
P/E ftrtto (net) <•).—. 
SEAQ Bargains (5 pm) 

Equity Tumorer(£m) 

Equity Bargains 


Stares Traded (mi). 



Sep. 

4 


85.72 


9 £18 


17823 


4512 


327 

607 

1521 

34A32 


Sep- 

3 


BbJX 


op Ml 


17745 


4522 


326 

8-06 

1523 

33461 


Sep. 

2 


mu. 


9224 


17632 


444.9 


328 

826 

1535 

29,106 

1320.40 

35£30 


Sep. 

1 


8523 


9222 


1778.9 


4382 


325 

7.99 

1528 

29,790 

106622 

36 , 9 % 

514.7 


Aug. 

28 


mss 


9228 


17592 


4312 


328 

826 

1524 

28250 

754.42 

3 L 4 ZL 

3334 


Year 

a» 


B8J6 


9521 


13342 


Z8L2 


4J4 

9.52 

32.90 


6ZL48 

22,620 

2769 


1987 


High 


9322 
( 8 / 5 ) 
99 J 2 
05 *) 
2,9262 
06 / 7 ) 
4972 
14 ® 


Low 


84.49 

( 60 ) 

9023 

am 

L 3202 

am 

2882 

ora 


Since Comptatkm 


High 


127.4 
( 9 / 1 / 35 ) 

105.4 
(2801/47) 

1,9262 

( 160 / 87 ) 

734.7 

0512/83) 


Low 


49.18 

( 3 / 1 / 75 ) 

50-53 

(3/1/75) 

49.4 

( 26 / 6 / 40 ) 

432 

126/10/71) 


S-E. ACTIVITY 


Indices 


Gift Edged fiargatas . 
Equity Bargain — 
Equity Value . 


5-0® Average 
GHi Edged Bargains , 
Equity Bargains — 
Equity Value 


Sep. 3 


Sep. 2 


123A 

2279 

2668.9 


110.7 

2292 

21512 


10 a.m. 
1787.9 


11 a.m. 
17883 


Noth 

1789.7 


1 p.m. 

1787.8 



Cay's High 179L4 


Day'S Low 1780.1. Bis* 100 6c*. Secs 15/1026, Fixed lot- 1928, Onfiavy lT?m, GoW Mines I2/S®, 
SE Activity 1974, 'Nil =14.95- Corrected: P/E Ratio (nil) 3/9187, 14.98. 


LONDON REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


improvements. At the shorter end 
of the sector, a token bid of 9390 
for supplies of the short tap. 
Treasury 8 per cent 1991, brought 
the authorities into play again. 
They remained a seller at that 
ieveL 

Initially it was thought that the 
US bond market had discounted 
the half-point increase to 6 per 
cent in theFed rate. Immediate 
Prime rate changes from &2S 
8.75 per cent brought little reac- 
tion, but Gilt-edged quotations 
eventually slipped lower with the 
fixtures market. A much better 
week for Giltredged thus ended on 
a slightly hesitant note with lon- 
ger Issues settling Vfc down on the 
day. 

Ladhrobe, the betting, hotels, 
property and retailing group, dip- 
ped to 428p prior to dosing 2 
higher on balance at 441p in the 
wake of the agreement to acquire 
Hilton International, the hotel 
chain, from Ailegis Corporation of 
the US for some £645m- Ladbroke 
is launching a one-for-five rights 
issue at 378p to raise £254m to 
help fund the purchase of Hilton, 
but a company spokesman for 
Ladbroke said the deal would 
involve only a minimal and 
temporary dilution of earnings. It 
was also confirmed that Ladbroke 
is no longer in the running as a 
potential buyer of the MFI busi- 
ness. 

Midland Bank shares surged a 
Anther 20 to 500p— a two-day rise 
of 48— after a turnover of 7Bm 
shares; some 4m "new'’ shares 


Shanghai Banking. Far eastern 
buying and renewed support from 
US sources, was also reported, 
while a switch from 2.4m Barclays 
to 2.7m Midlands was also said to 
have taken place. 

Traded options business in Mid- 
land Bank also expanded substan- 
tially yesterday; calls in Midland 


scheduled to report interim 
results next Tuesday, put on 10 to 
398p. 

The Equity and Law bid trig- 
gered a wholesale rush to buy 
other life issues— where bid 
rumours have been doing the 
rounds for many weeks. London 
■nd Manches ter, said to be attrac- 
ting NatWest, Midland and the 


contracts. 


after 418p, Sun Life rose 
and Abbey 10 to 29(Mp, after 292p. 
Recent speculation in the life Britannic were up Vi at EllVfe and 
assurance sector that a major bid Befoge 17 higher at 574p. Compo- 
was in the offing was vindicated sites faded from the limelight but 


when New Zealander Ron Brier- 
ley's BIL launched a 385p a share 


cash bid for Equity & Law, where 
ready ho] 


>lds 29.6 per 


Brieriey alrea 
cent 

Dealers immediately marked np 
Equity and Law’s shares to 390p as 
speculators chased hopes that the 
Brieriey move would provoke a 
counter offer. Later the price 
eased a shade to close a net 37 up 1 
at 387 p. The bid was rejected by 
Equity and Law as “ unwelcome.” 

A 10 per cent increase in the 
mice of uncut diamonds from 
October 1 took the market by sur- 
prise — it had been expecting a 
price rise in the region of 5 to 7 
per cent. De Beers shares were 
quick to respond to the news and 
gained 20 to 960p- 

The switch from Barclays to 
Midland, carried oat by a leading 
securities house, depressed the 
former which closed 13 logger at 


also changed hands. The latest 5SOp. Other leading banks showed 


advance by Midland was accompa- 
nied by rumours that a major UK 
industrial group would announce 
a near-5 per cent stake over the 
weekend— Hanson Trust gras one 
of the names being mentioned. 

But dealers were loathe to dis- 
count recent stories that a big 
stake in Midland could have been 
accumulated recently fay among 
others GEC or Hongkong and 


Lloyds 10 down at 343p and Nat- 
west 13 off at 720p. 

Merchant banks were quiet but 
Morgan Grenfell dipped 4 to 526p 
following comment on the interim 
figures. National Australian Bank 
rose 5 to 2S2p in the wake of news 
that Adsteam had purchased 9B 
per cent and intended to increase 
this to 15 per cent, according to 
John Spalvin. Provident Financial, 


LONDON TRADED OPTIONS 




| CALLS 

| POTS 

Option 


E3 

IE3 

IE3 

IEZ9 

□ 


Aided Lyons 

390 

40 

52 

63 

T 



(*419) 

420 

21 

33 

4b 

IB 




460 

6 

28 

30 

47 



Brit, ft Cam 

460 

48 


FI 

10 

18 

22 

(•488) 

500 

25 


Ezfl 

22 

32 

38 


550 

7 


Ll 

65 

68 

70 

Brit. Airways 


IE1 








(■190) 


\um 

20 

28 


23 

26 



Id 

14 

20 


UL 

42 

British Gas 

165 

14 

23 




KB 

_ 

(*173) 

180 

6 

15 

20 


16 

19 


200 

2 

7 

13 


EM 

34 

B-P- 

330 

50 

66 

76 




1*3711 

360 

29 

44 

55 





390 

14 

27 

38 




BrtUfl 

300 


E9 

60 

7 

12 

18 

(T329) 

330 

E3 

36 

42 

18 

25 

30 


360 

mm 

23 

30 

37 

42 

45 

Coos. Gold 

iRtV.j 

180 

235 

270 

28 

58 

75 

C1443) 

1350 

145 

205 

23b 

48 

80 

100 


1400 

110 

180 

20b 

70 

IDS 

130 


1450 

as 

160 

180 

95 

130 

160 

Courlauhb 

460 

35 

56 

'Ffl 

18 

22 

26 

(•473) 

500 

15 

32 

e:| 

36 

40 

48 


550 

6 

18 

Ll 

80 

82 

84 

Com. Unio* 

300 

BIS 

77 



2 

5 

Mi 

C9UI 

330 

I] 

54 

63 

3 

10 

15 


360 


34 

44 

13 

20 

25 


390 

u 

itm 

29 

32 

36 

41 

Cable 4 Wire 

390 

58 

77 

92 

6 

15 

20 

(•439) 

420 

38 

57 

72 

14 

23 

30 


460 

14 

33 

bZ 

35 

40 

48 

G.EX. 

200 

MM 

30 

40 

Kfl 

10 

14 

1*211) 

220 


20 

30 

Efl 

20 

24 


240 

d 

U 

20 

Efl 

33 

37 

Grand Met. 

500 

53 

72 


7 

12 

18 

(*542) 

550 

23 

42 

Efl 

25 

35 

42 


600 

6 

22 

Ell 

62 

65 

72 

16.1. 

1500 

Cl 

150 

172 

18 

37 

57 

(•1559) 

1550 

Efl 

11B 

140 

37 

57 

75 


1600 

IS 

92 

113 

63 

78 

98 

Land Secarttka 

500 

68 

83 

98 

6 

Ffl 

17 

(•560) 

550 

30 

52 

70 

17 

Ffl 

33 


600 

9 

2B 

43 

43 

Efl 

57 


220 

22 

29 

|i| 

K| 

10 

12 

(•Z33) 

240 

11 

18 

IB 

Efl 

19 

21 


260 

5 

U 

O 

Efl 

31 

32 

Rolls-Royce 

100 

20 

o 

31 

■A 

Ffl 

8 

(•114) 

110 

13 

III 

25 

Ffl 

Efl 

14 


120 

8 

rii 

18 

Ffl 

Ffl 

19 


130 

4 

& m 

— 

Efl 

Efl 

— 

SboH Trans. 

1350 

68 

120 

193 

« 

73 

105 

(*13731 

1400 

48 

SB 

178 

75 

95 

128 


1450 

28 

7B 

110 

106 

127 

157 


1500 

15 

60 

90 

148 

158 

182 

Trafalgar Home 

330 


55 

__ 

-2- 

6 


<*367) 

360 

Ll 

35 

47 

10 

18 

20 


390 

fen 

20 

30 

28 

37 

40 - 


420 

U 

10 

20 

53 

60 

65 

TS8 

12) 

20 



1 



(137) 

130 

12 

17 

71 

3 

4*J 

6 


140 

6 

13 

16 

8 

10 

13 

llhmlnlath 

330 


57 

67 

_ 

9 

13 

(163) 

350 

30 



12 




360 

— 

— 

45 

— 

— 

25 


375 

17 

35 

— 

27 

37 

— 

Bass 

900 

83 

105 

127 

17 

30 

40 

(•954) 

950 

55 

78 

103 

33 

5b 

65 


IKmI 

25 

47 

70 

6b 

B3 

n 

GKN 

360 

44 

WM 

II| 

PH 

13 

18’ 

P 392) 

390 

29 

Efl 

Ffl 

ri 

24 

29 


420 

12 

Lfl 

Efl 

Efl 

41 

44 

Jaguar 

te-v.g 

Fj 

|*TI 

131 

4 

18 

27 

(■542) 


LI 


Ll 

25 

40 

48 


■-M 

u 


Ll 

62 

68 

75 

Option 

a 


a 

O 

O 


Bathos 

|£1 

60 

iTB 

cm 

9 

15 

20 

(•548) 

El 

42 

La 

wm 

25 

35 

45 


Ed 

IB 

u 

m 

60 

6b 

72 

Mldtand 8k 

460 


- 

92 




30 

(N99) 

485 

43 

65 


18 

27 

— 


500 


— 

70 

— 

— 

45 

Option 

cm 

O 

O 

cm 

EZ3 

MV _ 

BAA 

120 

24 

30 

ETV 

n 

Kfl 1 

9 

(136) 

130 

17 

Z3 

29 ! 

Efl 

Pfl 

12 


140 

12 

18 

urn 

Efll 

Efl! 

14 

Bril Am 

460 

a, 

77 

90 

14 

22 

30 

(•502) 

500 


55 

65 

32 

40 

50 


550 

km 

33 


66 

75 


BAT h* 

600 

75 

95 

105 

10 

Pi 

22 

(*662) 

650 

43 

65 

77 

26 

Pfl 

43 


700 

22 

42 

53 

55 

tm 

68 

Brit Telecom 

260 

24 

35 

44 

10 

Pfl 

24 

MW) 

280 

15 

S 

32 

21 

Pfl 

32 


300 

6 

16 


Em 

Pfl 

— 


260 

25 

37 

42 

8 

Pfl 

Pop 

1*275) 1 

280 

13 

24 

29 

17 1 

m 





r- 

CALLS 

B 

B 


|jj| 

. . 0|ilff 



flu i'fl 

eh 


El 



330 

Km 

a 

■63 

7 

13 

15 

(•365) 

360 

Efl 

J5 

4b 

15 

25 

28 


390 

t£fl 

a 


33 

40 


LKtaraiee 

420 



Efl 

56 

ffl 

Efl 

EH 

(•4361 

443 

2D 

Ffl 

_ 

ffl 

Efl 




460 

12 

Efl 

37 

Efl 

tfl 

52 

LASMO 

280 

99 

109 



2 

3 

__ 

(•373) 

300 

80 

92 

103 

3 

B 

13 


330 

59 

/I 

83 

10 

16 

20 


360 

37 

W 

63 

18 

25 

31 


390 

23 

39 

M) 

33 

39 

46 

Ptessey 

160 

38 

44 

54 

2 

6 

10 

(*1931 

180 

23 

31 

40 

7 

13 

18 

200 

12 

n 

29 

16 

22 

29 

Prodemtf 

950 

100 

132 

145 

15 

27 

37 

(1023) 

1000 

65 

100 

115 

32 

45 

60 


1050 

45 

15 

90 

62 

72 

82 


1100 

23 

52 

— 

92 

97 


P.&Ol 

a: 1 



ffl 

1(B 

_ 



30 

IW1 

A 1 

40 

Efl 

— 

23 

32 



■El 

— 

ftai 

73 

— 

— 

53 

Racel 

280 

40 

52 

64 

8 

15 

19 

(*308) 

300 

28 

41 

51 

17 

24 

29 


330 

14 

27 

37 

34 

40 

44 

R-T-Z. 

1150 

185 

245 

_ 

21 

50 



(•1310) 

1200 

150 

215 

245 

35 

62 

95 



120 

190 

220 

50 

95 

125 


L vl 

95 

1/0 

200 

70 

120 

160 

1 

lyj 

75 

150 

— 

105 

150 


Vsal Recta 

130 

fvj 


ffl 

5 

Efl 

12*» 

(•144) 

140 

Kfl 



9 


18 


150 

U 


mm 

13 

Kill 


Tr. 11*4% 1991 
(1041 

102 

104 

2 


— 

on 


— 


106 

(fi 

OA 

— 

2*. 




108 

D& 

oj 

— 

44 

4ti 

— 

Tr. 12% 1995 

■ ] 




El 



wa 

' 2 

(108) 

Ko 

— 

— 


— 

B 

3 

■EHYUSl 

110 

KW 

■; 1 

5A 

1*1 

2A 

3 

C113) 

U2 

fln 

fli ] 

4f 

3A 

3*. 

3fi 


114 

116 

1 

1 

3S 

ti 

n 

4fi 

Option 

IEZ3 


inn 

E3 

Ida 

ICO 

Amstrad 

140 

37 

46 

Efl 


mm 

ffl 

C*175> 

160 

21 

33 

tfl 

4 

PA 



180 

6 

22 

Efl! 

L» 

lfl 

'Lfl 

Beechan 

460 

77 

87 


ttfl 

6 



500 

40 

55 

72 

pfl 

14 

n 


550 

6 

28 

43 

Efl 

38 

43 


600 

2 

12 

24 

Lfl 

73 

75 

Boots 


K-fl 

62 

_ 

1 

to 


(112) 

A21 

t~-fl 

44 

54 

1 

S 

9 


300 

Efl 

30 

41 

6 

12 

16 


330 

Ul 

15 

24 

23 

2fc 

» 

BTR 

200 

70 

73 

** 

lfl 

m ra 


«M a> 

300 

50 

67 

11 

5 

8 


330 

23 

35 

47 

■■ 

13 

18 


360 

5 

IB 

30 

Efl 

28 

32 

Blue Circle 

460 



68 



25 

(•482) 

475 

38: 

49 


10 

25 



SOD 

7 

30 

47 

27 

40 

48 

De Been 

1200 

350 . 

375 


5 

40 

_ 

(*1590) 

1300 

250 

290 

— 

30 

60 

— 


1400 

160 

220 

— 


— 


amis 

351 

24 

ffl 

Efl 

Kfl 

Kfl 



(•368) 

360 

— 

ffl 

era 

pfl 

Ejia 

20 


-381 

3 

efl 

Efl 

lfl 




1650 

80 

MS 

195 

20 

65 

K 

(1698) 

1700 

48 

115 

165 

42 

87 

103 

1750 

?? 

90 

145 

73 

112 

130 


1800 

13 

70 

125 

122 

MS 

11S 


1850 

8 

55 

103 

155 

175 

18b 


160 



33 

35 


2 

3 

MW) 

US 

24 



fl 

— 

— 

180 

200 

P 

■55 

& 

Es 

6 

16' 

.f 


280 

__ 


fTfl 

ca 

— 

23 

(•303) 

300 

11 

28 


FA 

14 

21 

330 

3 

15 

ti 

EA 

33 

37 

Sears 

140 

Pfl 

30 

tfl 

Kfl 

Kf 

4 

(165) 

160 

kfl 

IB 

ifl 

FA 

FA 

10 

PL-1 

K9: 

■ ■ 

Lfl 

Efl. 

Efl 

22 


167 

Efl' 

31 


Kfl' 

4 

— 

MW) 

183 

Efl 

20 

90 

Ffl, 

10 

14 

200 

Kfl 

14 

22 

Kfl 1 

20 

22 

•Ttera EMI 

650 

a 

» 

75 

13 : 

25 

30 

<*6SU 

700 

s 

28 

52 

45 

35 



iAK^fli 

1^3 

dl 


13 

dl 

dl 


Dee. 

FT-SE 

2150 

14(1 

163 

185 


8 

20 

30 


tattex 

2200 

97 

127 

i 9 n 

177 

H 

30 

45 

55 


2250 

65 

95 

118 

143 

1X1 

50 

6b 

n 


2900 

38 

70 

92 

115 

57 

77 

88 

100 


2950 

22 

48 

68 


90 

1U2 

113 

— 


2400 

10 

34 

50 

— 

130 

137 

14/ 

— 


2450 

4 

22 


— 

178 

182 

— 



Swtembcr 4. Tow Contracts 33,927. calls 

FT-SE Mn Cafls 1 , 724 . Putt 1,942 
"Urdtriyrtg tawritj price. 


Putt 33240. 


San Alliance, -still supported by 
the excellent interims announced 
on Tuesday, put on £ more to 
£MM6. Royals, where “ down- 
under” interests have recently 
been acquiring large lines of 
stock, slipped 3 to 547 p. Brokers 
showed a weak feature in Sedg- 
srick where Interim profits of 
£81m were well below analysts 
forecasts which had ranged up to 
£93m; Sedgwick dropped 14 to 
290p on a turnover of 3Bm shares. 

Breweries met grith ftirther 
selective interest Guinness, 
reflecting the sale of Drummond 
Pharmacy Group for £42.6m, 
improved 10 to 365p. Bass, helped 
fay a switch from Scottish and 
Newcastle recommendation, 
gained 15 to 954p. The latter 
reacted 2 Vi to 255p, after touching 
2S9p initially. Elsewhere, demand 
persisted for EL P. Bolster which 
gained 12 more to 238p. 

Bine * Circle revealed an 
impressive set of interim results 
along vrith a confident statement, 
but the price, after touching 500p 
on the announcement, eased back 
follogving a cautious analysts' 
meeting to dose 2 cheaper on 
balance at 482p. Rugby, still 
reflecting the recent US disposal, 
added 3 more to 272p, while Tar- 
mac, reflecting the presence of a 
thirty keen buyer, hardened a con- 
pie of pence to 296p; the latter’s 
Interim results are due on 
September 2L Favourable Press 
comment in the wake of the unin- 
spiring half-year figures sparked 
renewed demand for Taylor Wood- 
raw, finally 20 higher at 435p, 
while- re-rating suggestions 
boosted AMEC 9 to 382p. BPB 
Industries were supported at 
393p, up 8, while BMC, reporting 
.shortly, hardened a few pence to 
490p. Elsewhere, BeUiray gained 9 
to 285p reflecting the sale of its 
Cuehold stake to Highland Parti- 
cipants Following the latter’s offer 
for A. and P. Appledore. Raise 
Industries attracted a decent 
buying order after a period of 
inertia and, helped by subsequent 
speculative buying, moved np 14 
to I48p. Kentish Properties rose 20 
to 250p and Ramus advanced 49 to 
277p following newsletter recom- 
mendations. 

Selected Chemicals remained 
firm. ICI were A up at £15%, while 
Laporte, half-year figures due on 
September 17, picked up 5 at 540p. 
Coates Brothers rose 23 to 398p on 
news that Markheath Securities 
•had increased its holding to 15.6 
per cent 


The recent spate of bullish , 
circulars on the sector and a con- * or a gain of 2 at 65p. 
tinuing bear squeeze helped Mining markets made a bright 
.stores make further good prog- start to the day but paused when 
ress. The Wood Mackenzie “ buy " authorities announced a 

I recommendation lifted GUS “A” half-point rise in the Fed discount 
, another _ 16 to £I2V<. An early fnte, a move which halted the rise 
decline in Storehouse—again trig- in bullion. The latter moved 
gered by the absence' of a bid— ahead to $465-5 in the morning, 
prompted “cheap'* buying and cupped back to $462 on the Fed 
the shares picked up to end the news nnd then picked up again to 
day a net 2 up at 371p. trade around $465.25. The Gold 

Plessey highlighted the electri- Mines index was down L6 at 451.2. 
cals sector with the shares finally CoMgold edged np U to £L4,' ( 
6*5 up at 194p— turnover reached a ™““S a response from the man- 
5.6m — ahead of a company pre- sgement of Newmont Mining — 
■sentation to analysts on Monday, where Consgold has a 26 per cent 
TI Group, a rising market since t^e $95 a share bid from 

announcing the Crane US acquisi- the T. Boone Pickens-led Ivanhoe 
tion. encountered a bout of profit- Partners group; preliminary 
taking and reacted ' smartly to results from Consgold are 
close 17 logger on he day at 416p. expected on September 15. KTZ 
Elsewhere in the Engineering sec- drifted back £ to £13*6; the 
tor, Davies and Melcalfe “A” con- interim figures will be announced 
trasted with a gain of 22 at I50p in on September 17. . 

the wake of speculative demand. 

TOADED OPTIONS 

Retailers practically dormant A Turnover in traded options con- 
squeeze on bear positions put traded marginally with 20987 
Associated British Foods 10 higher calls and 1&240 puts, giving a total 
at SBBp, while revived bid specula- of 33927 contracts, 
tion lifted S.&W. Berlsford 12 to 

Traditional Options 

Dalgely, preliminary figures due • First dealings Sept 1 
“September gained 11 to • Last dealings Sept 18 
393p. Uni gate regained composure • Last declaration Dec 3 
having been dull on Thursday • For Settlement Dec 14 
following the resignation of the For rate indications see end qf 
finance director and touched 392p London Shan Service 

on takeover hop« prior to closing Money was given for the call of 
unchanged at 384p. United Eli H. P. Buhner, t SJtrol S^iSties, 
colts and Bawutra both made WagioM Rnttiman, AffllW 

progress in the wake of Cadbury Compton. ^£5? 

Schweppes impressive results qq Storehouse. BUcte LrfauS 
Thursday, the former firming 5 to Norfolk^ Capitol!” L * lsurt ' 
232p and the latter 4 to 576p. Stonogard, 


Bellmen, 
Rotaprint, Holmes 


Among the occasional movements Protection! PaaflffiiuiwS 


mSSSS 

of Monday’s interim results. double options 


NEW HIGHS AND LOWS FOR 1987 


HEW HIGHS (82) PAMflS /*■> _ 

AMERICANS ' (X), CANADIANS (2), SSJPMgJS®" fll, THUS^, 
6NKS 121. huh niNRx n? SSL “Y^EAS TRADERS F 0i 
VI, MINES (4), .THIRI1 MARKET O). 


RANKS (Z), BUILDINGS 
OIEMICALS (5), STORES (5)1 
(5J, ENGINEERING 
C7I. FOODS (1). HOTELS (2), 
02), LEISURE BL 
MOTORS (2), NEWSPAPERS 


NEW LOWS (4) 

88sS9me^,esi 


•y 



Once again, activity In die mis- 
cellaneous was at . a low level. 
Among the occasional noteworthy 
movements. Boots edged np 4 to 
Slip in the wake of comment on 
the company's new strategy. BTfi, 
up 4 more at S48p, continued 
firmly awaiting next Wednesday's 
interim statement. 

Elsewhere, Appledore jumped 
125 to 410 on the share exchange 
offer or cash alternative from 
Highland Participants. Maearthy 
also stood out with a rise gC 28 at 
S3Sp in the wake of the proposed 
acquisition of Drummond 
Pharmacy for £42.6m~ from Guin- 
ness and the proposed one-for-oue 
rights issue to raise £51m. Expan- 
sion hopes boosted Bred 
International 12 further to 555p, 
while Pearson advanced 15 to 783p 

on news that planning consent 
had been granted for the Lakeside 
shopping centre on the M2S at 
West Thurrock, Essex Recent 
high-flyer. Highgate and Job were 
outstanding at 755p, up 30. while a 
revival of investment demand left 
Associated British Parts 13“ to the 
good at 5S2p. Peatland, unsettled 
recently by labour problems in 
Korea, firmed 7 to 214p. Williams 
Holdings, still responding to the 
interim results, moved dp 10 
further to 969p. Bestwsod, in con- 
trast closed a few pence easier at 
134p following the half-year 
results and acquisition news. Ked- 
fearn eased 3 to 527p; the price or 
502p quoted yesterday in the Lon- 
don Share Service was Incorrect. 

Bex Williams Leisure continued 
_j respond to news that Allied 
Entertainments had bought 1&2 
per cent stake in the company and 
the price touched 120p prior to 
closing 18 higher at 116, a two-day 
rise of 24. Trilion, however. In 
which Brent Walker acquired a 
27 J per cent stake on Thursday, 
encountered profit-taking and fell 
back 17 to 171p. 

Barham Group featured a rise of 
16 at 25 lp in response to news of 
the agreed bid from International 
Business Communications. Wil- 
liams Collins A fell back further to 
728p, down 10. in the wake of the 
US deal and £95m rights issue. 
Waco Group were noteworthy for a 
gain of 17 at 305 p. 

Leading Properties moved 
higher grith the gen eral . trend, 
Land Securities and. MEPC both 
finning 5 to 560p and 539p respec- 
tively. Slough Estates, boosted by 
publicity given to a broker’s 
recommendation, hardened 3 
more to 287p; the company 
revealed interim profits broadly 
in line grith market estimates ear- 
lier in the week. A broker's recom- 
mendation also helped Bredero 
firm 4 to 245p, while Hardanger 
advanced 40 to 855p in a restricted 
market Speculative buying, also 
in a limited market, lifted Marler 
Estates 1% points to £12*6 after 
£13, while a possible offer from an 
unnamed party of 120p per share 
cash left Hampton Trust 3 up at 
119p. 

Courtanlds edged 4 higher to 
473p in an extremely small 
volume of trade. Other Textiles 
were featured by a jump or 35 to 
175p in B. Smallshaw In the wake 
of speculative demand. 

Oil and Gas shares raced higher 
during the morning as speculators 
got grind of stories that a Saudi 
tanker bad been sunk In the Gulf 
However, a denial of the tanker 
sinking story prompted a minor 
turnround in crude oil prices 
which, after moving 10 cents 
higher in the morning, settled 
unchanged on balance. Oil shares 
were well below the day’s highs 
but managed to retain minor gains 
on the day, albeit in very slow 
trading. 

Ultramar were a firm feature 
and added 7 at 281p after two 
large blocks of shares changed 
hands on Thursday. Britoil were 
finally 3*6 up at 329p, after 332p, 
bnt BP closed little changed on 
the day at 371p, after a turnover of 
only 3.3m shares. 

Overseas Traders continued to 
respond to Chase Securities’ bull- 
ish review of the sector. Harrisons 
and Cnosfield were up 11 more at 
704p, while Inchcape gained 10 to 
829p. Felly Peck picked up 8 at 
376 p, while, among smaller-priced 
issues, Boustead were noteworthy 


i. 


.= ■■ 


i-, 

— 

■iff 


■ - - ' 




■2IC . .* - 

FiV 


— i • - 

e — - . 



r-«v : :; 





■ 


-■V- - • - 








- J 

l;!f : ... * J 1 . . 










.. 


■ V. ’■-» 




>?».- •• -i ■ 

.'■c: 


*|S ■ i p r 


■ - 't 


• r 




■ . . 4' 

'■:-0 





































































































































































































































































































































13 



Financial TimesSafcurdaFSeptember 5 1987 


LONDON STOCK EXCHANGE 


m 

$$ 

$$ 

v. 

sfe 

_ un», V 

li k*«; : ■ 

■ t 

$ 

J3K- 

5& 

j...* 

* i' a-fi. 

=ra?s 

*V.Fr/. '*! 

•* tS 
aS 

5 a ‘it.; 

J lOB. hr- 

‘V a! L,.V 

p Maw. 
.£?®lesi 

:f a *&' 

:! c, ‘ie»av 

■35 

l 9 PK 9 V . 

'■ »am. 

» Afr 

:?-wg 

• -v i :> 


•-• PTft 
■-'■*■■ 

: «S«s. 
■* 5 = 1 * 

«« !ifel 
-y k' & 

'•■ - ViT: 

«ijs Iran. 

\i :*4 • . 

dlL'tS-i ; 

'• 

>246 :£S: 

adr 
rut; 
•*■•• - ,V.> 
*- .--rj •£ 


■s.-rjue 

xj:'i '.:c 


: .: ST’ 


Snt- 

• rsa Sri 

- - — - 


.-= j:::r 


i A'! 




pIlOV 


j offi 
. **?\; 
c c 

.; L* ■ 


: \<P 

.-:r«‘ * • 

'i% ' 

f • V- .r 

.'a*** p- 


. r* v 

i-- r ft ,- 1 

»t.v 


DEALINGS 


Dwriteaf bustnesg d o arthowwte ta w hwrebtamkrirw lthtt a etrtt tow tag Thurate/s 
stuck Exchange OflctaT Lttr and should not* be reproduced wHaotiTAenfHsstoti. 

Details relate u> time secunihs not todaded.lu the FT Sun lcfotn«fc» Sendees. 

Unless otherwise hx fl atted prim are hi pence. The prices. are those at wwoi the 
business was done in thr'24 tarn op to 5 pm oo Thursday and settled threpph the Stock 
Exchange Tansoan 9stsp, di« tfe nc hr onto of esedflPB but in skcdAib otder which 
denotes the day's hfehea and lowest tofliia prices. . . . . 

For those securities tn which nd bairns was recorded « Itaiistajr's WteW Ua the 
latest recorded business- In the three previous- days is gh« with the relevant dm. 

$ Bargains at special prices.' tBhrgrinsdone the previous day. ABftftaasdoofcwlth 
■on-member or executed in ov er se as nariteta. 

Aee Bmtbera Grout) FLC&SK Cun Cnvftf 

• ei -lies • . 

TSB'terTUOItfflff- Ol 1 2233 .T33 
Ww^olSiU Group ncnx.0mpri £1 


Corporation and County 

Stocks NB-dtegteWriiil* 

Greater London CcuocMsul Sft gorie-- ■ ■•' 
£85)16 

BOnunghem Con»3K% Sft 1048tor atari - 
£25pSAuB7) 

P nmn fl i m n DriMet CoonritlMfcRed Sft 

2012 - eiazx rzstaen 

HuRGorp3%%Stta2rtftaeL-£S 
SMtortl CorpS%% Rea Sft 8608 - £02% 
(ISeBJ) 

Suo dwia ndparaugh oftn«% Baa96rtflQ8. 

■ -EUagSeflp ■•■'• • " 

UK Public Boards 

■ Mo. orberQaine tndkjaeoa. 

Agrmtuctf WraaaoCWp PLC6Jt% DM 
s«9W-£A5nsew» 

«% om Ok asm - owe % (zsostj 

/■*% Dob Stk 91/33 - £85# 

TQX% Deb &W 32/06. ~ ESS (2So87> • 
Meuopolton Weterenet London Vltaar 
Wtarka Co a% Oeb Sdc - EM CK CtGMn 
Lerntath WOw Wada Go 3% Red QM 
Stfc-£4«6|iSeBn - 
Now Rner 03 31b Deb Sft - £4814 
nSe87) 

Souevmh A VtanttaUhnc Go3nUW» 

set -£tt& OSes?) 

Staerte MtaGaaen ask-Qfet OtbBlk: 
-«Gtt(lSeg7) -■ 

Port ol London AuthortySSC Port of Londcn 
A Stk 23199 - £46% 754 (2BAuS7) 

8»% Rug SOt 87/90 -tS8% (2Se67} 

Scottish Agric Sec Corp5h% Oeb Stt 8M8 
-OS* • 

ComnrKinweatth-GovBrnment 

Mo. ef bargrina wudednB 

Jersey BecJncSy Co Ld91tGtd S& 2DQQ - 
£g»pSnP) 

Foreign Stocks, Bonds, 
etc-{coupons payable in 

London) Mo,orbe>tta*ta>idetm 

GreecejKingckan of) Monopoly 4% 1687 SUg 
Fdg Bets of 1965 - £47 (ISttS?) 

7% 1BZ4 S«g Mg Bds 1965 - £S*f18eB7) 

6% PuMe Worta Etfg Lu Of 1926(AaflA - 
£52(1Se87) 

ASDA-MFI Group p£C4K% Cn» Bds 
2002(Bf£1000A£50Qa) -£12008*87) . - 
BTR PtC4i4% One Sris fide 
1995(Br£CTOOOA1OOO0] — EC1T4X4P 
Baton* B.V.Z*ta& 25ni96«c £10000} -«B 
(1Se87) 

Brt«h Land Co PLC7»% Cnr Bos 2002 
(BrtlOOMGOOOl - C126A5 
Cadbury Sctaeppee PLCWkCnv Bdc 2000 
-S221 (2Se87) 

ConooadaudGoldFMtaPLCSmbQar 
Suaora Bnn 2DQ2jBrCtQ005SDQq - 031 * 
DRO PLC8X% Srtard Cta 8ds 20CB - £8S 
% pS«67) 

DemartdNngdoRioqi «» Bda 1284 - 


Breweries and Distffleries 

Maorbergeta-hdottaMOa 
ABM-kyoo* PLC5%VQae Prf H - « 50 


10*3 - 


Goodman Raider (UK) PLC5% GW Subonl 
Ow Bde 1967 - £ti A119 
HaK*x ButtflM Society 9KSb I 
E95V1 flSsw) 

Henson Trad PlClOK Bda 200SflB£fiHQ 
- £S9X «08e87) . ' 
IC.UtauicelMe ttwrt wtdriHVMW GMI Ch» 
Bds 1090 -£187 

InchcapetBatUMda) LdMi Cm OKI BdkUBfi 

- 5124.78 

Imworehi Industtr ion Btfl«<».GU Ode- 
T833pt £5000) -OBK 10005087} 

Land Soaattw ftCSli* ftM2B87-£84i 
x ... 

Lasma McrfcSee PLC8K%CneBde ISBtt- 
5131-37 

Loreto FtomitxPUZ*x% Oat OU Sda 2008 

— £109% (2Se67) 

4«<fc cm GU Bda 2001 - 913398 jurist 
luces Industries toc5%% Om Bda. 2002.- 
SllB<2SeO> 

MadUulPiwta oQt1V% Debs 150109 
Sera,l1N -5105% 

Metel Box PLC5%% Cm SMord Bds 2002 - 
£106% 6 % (1SAB71 . 

Uotvopalten Estate A Prop MMWSXIkQar 
. Bds 1396 r>Sl433B (ZBAnBT) ... 
UorgonGuecver ThtOs'of taw tbrkSIb 

Oepoeit We 1992 - £98 

II vreiimhiiaei ITKi H rn "~nett 

MB 1902- 2937 tlShenf •- :i •: 
MeM.PLCa%%.Cm Bda 2002 ~ £t» 
flSPMBT). . .-j *■ . 

Norsk Hydro AS T1%% Ms- : >- 
1S7I92(aCaC2000(V- OKIOtBt ffSeBrj 
PKdtc DutapUI7% SttanIQw BdB. 150ft - 
-Xt853pMu87) 

Chnboc(PTXWkK»c4)14%8kHls1SBBi— - 
£UM% 5 {ISsST) 

S tuhahJ iei etaP i u i cG8K%tteiaai - 
StOOl (2SOK7) 

SDtt 3 Naphta Assndtad Cm PLC4K 
Cm Bda 2002 - CU»% 9 rtSoOT) . . . 

StMtanCNnodom oQTI %« Bd» 1S83 

lartsood} -El 00% fiSeen 

fe% m 1982 (EhS0008«MV -»5k 

8B%(2So87) 

TWTOve r aeea nua n ce NWH%Cw6WSifl 
Bds 1900 - 523641799(23087) 

Woctach Emketie BuUnp So«iriS»%i 
»Ba19BRfrtH»»-£ftBfcgSefe> 

Staffing Issues ty 
Overseas Borrowers 

Wa. nftxuBataftictadedBO ■■' - 

Atnericen Brantk tac1Z»% tine LB Stk. 200B 
-£106K*9tt 

American MedceiManwaopaftac9%%UnK 
Ln S6r20tl -£83%(28taB7) 

Asian Pewatopm o nt Bef*10X% Ln Stk 
2D09(Reg) -£9a»(2SeBn- ' _V‘ ■ 

AusttaSWConimcxxMMtti oOSKIkLu Stk c 
20i2(Rej3-2W h W-fZSeO^ 
9%%LnSfc2Dl2ra-£87*0SAi£?} 
11%% Lb 88t 2O1fipe0 -002% )62 .. 
(18)01 

Bat* nl Itaecei 0%% Ln S* 2OtO(Re0 - 
£88% pflAuflT) 

Caisae Germie Oe CocpsoPoo Eoovl2*% 
Od Ln fik2Do3(Reg} -Tri3'-% 

Crime Mtamah Ok Aatorocmett*. Old La 
afc2006-«39%* 

Ogre Oversees FtanceWWSkUpeLB 89c 
2006- £ll®6» Kdh • 

Oerit Fonder Be Franoa 

-£B3** : 

14*% Old tn S* 2fl07(Reg} -£I2K 
Pa niim k OO ngdot n of)13%Ln 36c 2006- . 
£l13«rih.. 

Eaton RnetKONV 12%% Uoe LB Sfc 

2814(Beg) — £100% (28Au87) 

Bearidto do Ranee 12%% CM In SOt 
2tX»(TBg}-£1141k%.% 
n*% G«d Sw Ln S8r2Q09«2pBg) - : 
£108% H • 

EteopoBt toMonnont Bn*fi% la S9t 2801- 
(RM)-EB8%dh . 

10%% Ln-Stk 20M(taa) -298% & 

Tt% Ln Sft SOtOttafi- £103 % « 
Fk*ndgwubdc of) 1 l£b La Slfc 2OO9(Ba0 

HytSxMhmbeci 2^9% lit SK 2015 -£rt<% 

% % 

UKlnSecAHTI -£*29%.MK**fc 
tnca Ld15%% das Ln &fc20M t Rep Opt - 
£12E*^WM 

totor-American Peta ag wal Ra n k8% % tn 
86)2015-131% 

tataiadtaiMl Bank tor Bee * Dev«A U Sft 
201HRet8-£90f%-%_ 

1,13% Lb89l 2003 -£107 % % ■ 
Mand12%% LB SUc2O0KRecfr - £109% 
Mwr Zari a ndt t%% uamdPfagt - £iQ*% 1 

Mow 8 cota P HBtoc e op1»MiLfiato28m 

. 16%%LjiaU0tV- £14«9i* .. . 


(% Ctn PrT £1 -71 
3% Rad DM SOt MOO - £80* 

SJL% Had DM S* 6449 - £91 (28*871 
«%% Red DM S« 87/92 - £79 CBAu87) 

. .7%% Had DM aar 6»93 - £82 (lSe87) 

1t%% DM Sft 2008 - £107 K 
€%% Uns til 8ft - £57(13*87) 

- 7%% Uns III B9t SMB - £82* 
B»PtCBtt%OMS*a7i82-£90S 

- <1£*fl71 

7%% Un* U Sft 92S7 - £79 
Boss ftmsniM* PLC6% Um Ln Sft K/90 
-£87ft 

eodcknotm Group PLC9%% Cm Uns Ln Sfti 
2000(05- £150 HSeBT) 

: BntaarfH.PJMdBa P£C8%% 2D0 QSB ftt £1 
-1102 

FritaGmM t Tkensr PUM 2nd Com Pit 
- £| — lOtpSsfT) 

GrssnsB WMtoy PLC8% Cum Prt Cl - 98 
7%%DM8ft 87/92 - E864> 

B%% tori One Ln Stk - E70 0S*S7) 

Hscdye & Hsnscns PL£Ord 25p - 780 
MacdonsM Msnto Dtatadsn PLC*g Ore 
25p-02Krj1Se67) 

MJosflrid Bmuery PLCOrd £1 -613 
(28Ao87) 

HenliinTrn~nirn 6 C ve nh scl Pl£7% Una 
Ln SdcMt98-£78f1Ss87) 

Scorish A MsccmstiB Bmwerta P1C7%% 
Cum Prt a -72 
7% Cm cun Pit £» - 152% 

6% 1st UB Osfa Sft 6409 - £92(28AuB7] 

- 7V%1ftMfeDBt>SftB9S4 -£B3* 
Seaman DWriera PLC 12%% DM Sft 201* 

-£ 110 % 

Truman Ld7K% DM Sft. 88198 - £94 %♦ 
Vstot Gram PLCfi8ZS% DM Sft 201S - 
£89K (28AuB7> 

11%%-OM 8ft 2010 - £104%* 6%# 
VftrineyMann « Ttuasn Htoos PLC4%% Red 
QMSftBS(fi3 - £74% 

7%% Rad DM Sft 87/92 - £84% 7 
(13*67) 

im Rod DM Sft 2006 - £108% 

~ 8% Un» 1*3*9085- £82* 
WribraedSCoPLCB<M29p-38Q 
ffSeOT): 

4K% 2nd Cun Pit Sft Cl - 39% 

4%% Red OM Sft 980004 - £55 
(26Au87) 

-6%% Red OM 9* 88(91 - £88 
7%% Red DM Sft 89®* - £85 (18*87) 
9*% Rad DM Sft 91/96 - £93 (TS*87) 
7*% Uns Ln Sft 9589 - £78 (2SaB7) 
WMSxeed.inwsnmsMCo PLC(hd 25p - 320 

Commercial, Industrial, etc 

Mo;oraan)rinB.indudmi76T8 . 


. AAHHktgsPCCA2%Cum Prt £1-62 
A£CI LdS%% Cbm Prt R2 - 22 (2Se87) 
AIMC PLC19% Uns tn Sft 1982 - £110 
APV Bshsr PLCA59VCUU Pit £t -58 

• Adacsne Group PLCNew Ord 5p 
. • (PpdA-18(9W)-*104 

- Atoton PLCOrd 20p - 100 
ABirtiM A HARM Ld8%GMSft 87/82 - £85 
CISeBT) 

■ McMAkarinkmLdComShsaOSft-ClQ^ 

% 

- Msandaie Wdge PLCW^bftVKM lOp - 

* -38% 

ABsturrifleryirilot* Ld7%% Dab Sft 87/32 - 
£27 

AtadPtontGrooPLCfitarOrdSp -65% 

..!*».• 

ABtaTextOe Qxoperfeo PU510%Om 
Subord USB Ln Sft 1993 -£290 (2Ss87) 
Amrt PLC8% Cum Cm RkI Piter - MS 
(23867) 

Ameer Day HUB* PLC1S%% Cun Prt 
. SWD0221 - 188 5 5 % 6 % (iSeBT) 

- AnsrianBiaftlstoeSbi of Cbm 8*53.125 
-23S%tfS*67) 

PLCOrd 


AnMff Group 
SsOSAul 


_ t(2BAu57) 

Artan PLCf1*% Cnr Ube LaS* 1980 - 
• : £I57C28**>67) 

. AM PC ta sdBrtdili Foods PUCBMS Una la 

- v Sft 07(2002 £0p —30 . - . . 

V ’ 7%% Uns Ui 8*870002 SOP - 38 
-Amocimed BsartcatkxtaMM U8K% DM 

- 8*86(91 - £86* 0BAUB71 
Aesqttasa FlshBriaePLC8%% line Ln8* 

- 9L06-E9Q* 

ASM Mridta^PCCOd E)>(Br Ob) - 54% 
5M8%7*8 

Automaton Sscui1lyP*dps)Ptca% Cm Us 
. Ln 8ft 90(96- £4208 
Au to mo U va ind u cts. PLC45ff% Cum 2nd ftf 
£1-80 

-AyoMns MstriPmfcKft PLCCM25P -87 
BAAPLCOu»apepmpa)(Rsm-taoaot 
• 122134405*556677* 

BBA Grate»FLC10% DM 8* 1*94. - BSD* 

BtCCPLCtt* I« CUB Prt Sft £1 -54 

7%DebS*a»90-£n 
BOGMftmftG 12*% UftUiSft 2W2M7 

- -£109% 

UXUntomritanal PU&12%% Une Lb 8* 
83(96 - £88 W1 

nmei totobieMcrri CnrpCrvBSfcSf -»S* 
(I8e87) 

Beftm Rand LaPtd Ord R0.10 -800* 

Bmry Wn fi w ta i Ke e m i Snn s t PL CN ew Qrrt 
5p (Fp(LA-««(B7) - 190*- 
Barton Group PLC 0% Cun Prt £1 -60 
(28AUS7) 

BenetfOHgpfttosr PLC&87% Cw» Red Pit 
£1 OOp Pd-235aS7) -28%* 

8%% Cm UMU> 8*2000 -CU3.3 % 
CtSBBT) 

Bsoaon S8G PLC Ord 10p-67 
OmridOuricast PtC7%% Uhs Ln S* 8XS2 
— ES2 K(2S*871 

Btos Ckds toduUrieE PLC0% QMS* 88(93 
-£W(28Au877 
9% Deb Sft 92/97- £92* 

10%% Oeb Sft M/99 - £94% (2&AuB7) 
6%% Un» Ln S*(197S «u eH) -£B0 
(TSsB7J . 

Boring CoSbaaf Cam Sft 55 -552% 

(18087) 

-Boots Co PLC7%% Uns Ln Sft 88(93 — 


Bombst tndusUes PtC4JS% (tom Prt & - 
66 % 


ftriOwsto Group PUCOnm -385890 


Gw Prt 90p -118(28*871 
;i«%cmum 


Ln 9*8803 


RwhtoS d*(toMscl 2 %%LB 6 * 2020 - 
£310% 


£104% 55 . . 

SwBdenCMngdoni oM%%Ln S*2OM0taO. 

-£90K%1 - 

135%LaS*20IQ(Ba4--CT21% K » % 

% ' ■' 

Banks arid Dfecount 
Compaite 

No.o( OwgrinetoctodscnOBl 

8Bn9ays Bh* PLC8%% line Cap Lit** : 
88(83 -E87H8& A 
72% lP*CapLn8*2CT0 -EUH%% - 
18% UhsCMLfrS*2a0Mn -£tS3)« H 

i PLC5%% CtM Ut Prt 21 -234. 


-'I 

iiV-A 


a% cum 2nd rn n -ante . 

Mng ft Shaxsn HHakPtCCttftPIgPWOHl: . 
ci -61 '... • 

Lorebetd Nre81GsnlrtAn£S%tbtok2BitPlf 
£1 -45(28Au87) 

1 Udand Barit tUN*w£1 

-448 8 SB 23 9S5 7 7806022 3 ftp t 

0702 5 80 • • 

New El (Nfl'Pd-SWBTJ— ISTMBft'9* . 
7VS% Subord UM LnS*S3ffl8 -CSS. 
(ISeBT) 

10%% Subord Uns LAS* 93298 -£96% 
14!SkSubod UW LBS*aQOaO^-£118N 

NMonriW8stowsWEte*PU57%;CiMW 
£1-6023 ' 

9% Subord Una Ln 8*1863 r £8 8 
12%%SrixmtUn* Ln 8*2004 -EtltHL 
% * % % 


Bn»n»*{CJ3JI 
-£J80(2S< . . 

Brno* Write Group PIC CUB Qw Rod Ptl 
£1 (Fp/PAL-25/9/87) - 102 334 

MM fGera) 4,Co LdS%% Uns Ln S* 
87M2-ESrcaAu87} 

■ BftnaFLC1<Rt% DM Sft 91/96 -£9*% 
Brtotol Smdiuni PLCOrd Sft 6p -365# 
WdSb Airwme PLCOrd 25p - 188 90 80 S 

309.1 1 JBS2 2 .1923 3 & 

ADR fltkli -531-37 4 2 
Brttt* Atan Aiuririum PLC10%%De&S* 
2011 -£90% • 

Brt8M-Aiwtaa Tafaritoa CO LdS% CUe Prt 

Sft £1 -44% 

0% 2nd CUB Prt Sft £1 — 85Cl8e8T) 
■Brikb Amor Tabsooo toasta PLC1Q% Udb 
(towmm.ws 
10%% Lta LB Sft 90(95 —£96% 

Britfedt EverReedy Ld6% One Ln S*92(87 - 
■ £70 - 

Bttota Htene Stores PLC8%% M« OMSft 

7K% MIQ Oeb S* 94198- £72%# 
Bi«totLPrWlna4 Comm 0*p P1C4S9) Com 

Prt £1 -BOflSeBT) 

- 42% A CUB Prt £1 -4B • -. 

Ektab Shoe Cup PLCO%% Cun 3rd . 
„ Rf £1-557 

7% Uns Ur Sft 86(90 -OB (2Ma87) 
Bmeir ft JechMO PtCOld 20p - «S % 8 % 
Brown Broe Carp Ld8% Uns Lfl SftBZSZ - 

■ .Esrasasn 

-'BUgMA-Fj 6 Co PLCOrd 6*Sp -80 
Sunri PLC7% Chw Oss Lo Sft 96(87 - 
PM7#9# 

Bundsna tovostown* Pt£1S% Utm tn 0* 

' 2090/12 -£10810 

Burton GfOupPWIWa to WfcWSh 
1991-104 

flKXUnhluSftWBPtt-tase 

8% Om Une In S* MBBfflOOt - ei40 1 

ButtrtLd8%% t*t Mg DM S* 82187 - 

- SriTlati4WOMS*86»-f9W4 
1 RS*87) 

CHMUMtatnCTKCW CuaPitet - 
285(15687) 

Cftfcuy SetaMjFMegug** Cum tetPrt 

» lal MB DM S* 8BH1 - £94 
Chttm* PLCiQ% Cub Prt £1 -1Z«f (13*87) 
Gtato Enrinari*g Mtwp PLC10»% Cud 
RM Prt 21 -116 

CwhobtautiM pus* cur wfl -«b 

(2Se67) 

S%% Un* Ln Sft 86S1 -SSK 
Cm HawtaHri* am* todSta t* Com 

. a*$5-B8%(2SDH7) 

CriamtarincStooiCdMSftSI -S6T%# 
ChautoC Tuwat l uvurinwiM PICSp -20ft 

Qtaun Mustriri Mte UrtWhUt* 

. Ln Sft 83(88- £92(18*87) 

Charter Consa*toto(lrLC2p(8r)(^x> 46)- 

4W .. . 


Chapaow Rscecomse PLCOiaSSp -32S 
CSe67) 

CMnrtds GrtXto f!C7%% 1st Mto DM Sft 
85(90 - £90% HSe87) 

Ctaksfr.) PLCOrd lOp - 702 
C/ydeBkMM PLCOrd Sp -385 
. Cue PstanePLC6*% Uns In S* 200897 
-£65% 

7%% Un* In Sft 90/96 - £68% 

ConetHA-) ft Co PLCN00.V "A‘ Od 20p - 
725 

ComtMsd Erttfsh Store* Group PLC7%% 
Cum Prt £1- 8008467) 

9«% Um LA Sft 86/91 - £75 
Conrad Heritage PLC Mew CW26p{W 
PU-7/9B7) - 1603 

Cqpe 4*nan ftttaresMnsf PLC7K% Rod (ta 
Ln Sft 7U90 - £87 (36Au87) 

Cupson(F) PLCNfW CW Sp (FpA£-4««7) - 
309 (2Sa67) 

CosM PLC10% mw In Sft 83« -£97 
ffSsBT) 

CowftUas PLCS% Cun let W £l -44 
(2Se*7) 

7%% DM S* BOM - EB4 

5%% thu Ln Sft 94/98 - £89% (2&S87) 

8%% Uns Ln Sft 94/98 - £75* 

7%% Itoe Ln Sft 94(B6 -£90#%#1%# 
7*% Un* Ln Sft 2000/06 -£72(2Ss87) 
C&wnvfle Groot PLC 10%% Cum Prt £1 - 
110(28*87} 

Crest NteMMft PLC6K% CmCpm Rod 
PrfC1(FriPAJL-1«9«7) - 102% 3% 
CreppsrfJamM) PLC9% Uns U) Sft MA9 - 
£&2(2BAu67) 

CrystoM* Moos PLC8%% Cm Um in Sft 
2003 - £122 3 5 

DRG AC7%% Uns Ln 8ft 88/91 -286% 
Dstgsty PLC4.85S Cun W CT - 81 
Denes 6 MatcSMe PLC*ATftan.V)Qrd lOp - 
93 5 7 9 

OMenbam PLC6%% 2M DM 8* 8086 - 
£76 

7X% 2nd DM Sft 91/98 - £79# 

6%% Una Ln Sft 88/81 -122(13*87) 

7%% Uns Ln S* 2002/07 - £88 (2&Au87) 
Drift GrmmPLC7K« DM Sft 8600-00 
HSeBT) 

Oenoore PLC83S%CumCmRedft i f £1 - 
130 

Dewbunt PLCOrd lOp - 53 
DieMa(Jamea)aca(DrMFoiriftiriPLCCM 
25p - 126 30 (1Se87) 

Domrion Intom s i i t mri Group PLC W an im* 
to sub tor Orti -13 

Dow cnemtosi coOam Sft S25Q - £81 6 
101% (2Mu87> 

DunMHU0sPLC42%CUnPrt£l -54 
<1S*87) 

EMAP PLCOrd 2Sp - 228 32 3 
Eestom tatoucuwgto Pt£10%% tin* in 
Sft 92#7 - £80 (iSrfT) 

BtaUBj PLC7% Cm Cub Rad Prt £1 - 
123# 5# 

Bewick PLCNew Ord 5p (Fp/PAL-11/9/87) - 

6% Cm Cum Red M 92/94 £1 -620 
08Au8n 

Bysptomriedwq PLCOrd 25p - 86S 700 
E^s^Bectftc Os Ld7%OM Sft 08191 - 

Emopean Home (Hodueta PLC New Ord Sp 
(Fp/PAL-11/9/87) - 333 
5%%CmCuHdta9>rt200Bni£1(PAL-11/9a7) 
-1323345 

Gxcadbtr Jewritay PLCm%Cunftf £1 - 

Etori Group PLCiOH% Cum Prt £1 -122 
H Group PIC7J% Cm Cun Red Prt 95/99 
£1 -205 

Am Ait OBVrioumnu PLC8%% Um Ln 8ft 
86/91 -£87 (ISeBT) 

Fta> Sptanem 6 DoUSan Lrt4% 1st Mg DM 
Sft Red - £30# 

Raons PLC8KX OM Sft 84(08 - £91 % 
pSeST) 

FMdi Cowl PLC6%% PrtCQenJCI - 67# 9# ■ 
Fobri totemriionri PLC8% Uns Ln Sft88«3 
- £80 (28Au87) 

Ferine &oap PLCOrd Sp - 73 4 6 
Manta Howe PLC4%% Cm Cun Red Prt 
Cl -10256 

9% Dm Cum Red Pit Cl - 168 
Fiftn HUpa PLCOto 2Sp - 570 
GEC-BtoH Autcvnatton Ld5*% OM Sft 
86/90 -£K(1Se07) 

MM (Unbed Kingdom) FLCBK% Chd DM 
Sft 84/89 - £90 PSeST) 

10%% Gtd DM Sft SOBS - £97% (ZSa87) 
GJUHUg*)PLClO%%2ndGUmPrf£1 - 
124 

Gnnerri Brittle Co PUC7%%Utft in Sft 
87/92 - £84# 

7*%IMLA 6ft 88/93 -EBB# 

General Motnre CorpCom Stk SI 20 -£52% 

. OSaBTl 

7%*% Gtd Uns Ln Sft 87182 - £85% 

08AU87) 

Gestotner tftigs PLCOid C*> 25p - 356 
(18*17) 

10% Cm Una In Sft 9006 -2196 8 
Gtanwr Group PLCOrd lOp - 237 (13*67) 

Glass Qkwor Group RjCS%% Cub Cm Rod 
Prt MOO £t - 116 (2BA087) 

Gtoxo Group Ltf7%% Uns Ln S* 86(95 50p 
-38(18087) 

Oynwed tmsmn fti naiPLCUBL%LtaeLnSft 
94(89-29* 

GoodMn PLCOrd 10p -81(2SS87) 

GiftMW JL|6 CoCom 8ft ST - 671 (28Asfl7) 
QandMsampaftanPLCStoCupmn -47 


tPrt£1 -S5(1SeB7) . 

10% Uft in Sft MAS - £90 
Great LMuenal Saorae PLC5%% Rod Dm 
Ln Stk - £43# 

®L%Rod Uft Ln Sft - £88 (2BAuB7) 
8%% OM in Sft 93(98 - £82% 3% 


GhaNUBr&gB Paper Oo Ld6%% OM Sft 
84®8 -I95(1Se87) 

HaHiurtoa CoCom 9ft S250 - SM% 

HWrm PLG-11% Cue Prt £1 -l20<2SaB7) 
Hawker Skfdriiy Group PlC8%% Cum Pit 
£1 -48(15007) 

7%% DsbSft 87/92 - 290# 
tto ntuger Brooks PUC25p - ISO (2Ba87) 
Mcfcaon Msmutonri PLC8M% Uns InSft 
89194 -£70#SH# 

HaeclUt AflDMSO (Cpfl 51) - £3B7 327 
HoacbsL Ftoanco MjC 10% Od Una Ln 9ft 
1990 — £97 (ZBAuST) 

Hogg Robkwon PtCORl lOp - 320 2 S 
Houaa offtaaor PLC8*% lta Ln Sft 93/98 
— £802 

) PLCOrd 25p - 988 08Au87) 
oup PLC8X% Cm Cftu Rad 
Prt Cl -212 (23*87) 

Ml PLC8% Una LbS* BBI9Q - £91% 

08 * 49 } 

HL kdownritoPTec I wtogf R£Oid lOp. - 

mi 

Mtgworthjllorris PLC8%%Cun Prt Sfttt 
-56%t8t (ISeBT) 

9%.% Cun 2nd Prt Sft £1 -582 
knpedri CbririretlnduMtos PLC8%% Uns 
Ln Sft 94/2004 - £63 
7%% ttoe In Sft 86/91 -£89* 90% 

8%% Una Ln Sft 88/93 -£91K2%4% 
U%% Uns Ln Sft 91/96 -£103% 05*87) 
■-Rand Go US* Una Ui 9ft MW- 

r 8 (2SAU87) 

Mameftsnri Bus Mach CvpShs Cap 5ft 
SI .25 - £97% % 8.15 
tournatkxiri Prim PLC8%% Itoa In Sft 
9005 -£S2% (1Se87» 
tobamsUonri Stand Etocfr Corp5%% SBgft 
Cm U»Lu S* 79(89 -£108(15*87) 
Jackson/WSSam) & Son PLC7%% On Prt 
£1 -84%?attlSe87> 

Johnson. Mantwy PLG8% Cm Cum PTf £1 - 
680 70 C2 Sg87) 

Ktogspmnge PLCOid 10p -188922 
Ladbrohe Group r * " 

90/32 — £89 1 


» PLC8%Qtd Uns Ln Sft 


ESB(2BAuB7) 

Lringprito) PLCOrd *A'Non V® 2Sp - 870 

Instant Hdga PLC 9% Cum Rrl 50p -29 
capons taMMtaOftM PLC8% DM Sft 
93/96- £79# 

LnwHWm)PLCB% 1st Cum PrfS* B -44 
Lmt Ssndca PLC 2nd Sar W» Tb 9riwotoa 
tori Ckd -280# 

8K% Uns Ln Stk 92/97 — £85(1So87) 
Ltoarty PLC8JS%CumPrt£1 -112 
Unread PLC8% ura. Ln Sft. 87/92 - 184 
(28AU87) 

Lenton Bdsrtslnmsnto PtCOtd 20p - 285 
LdnhoPLC«%*id trig DM Sft 8792- 
£90 

Lucas Industries PU37*% Una Ln 8*8808 
- £92(15*87} 

1 & Lyon PLCOrd 25p - 205 (2Se87) 
t PLCffib Cm Uns Ln S* t997 - £123 
M.Y.HoWtoga PLCDft) ttd 10p -5L2p75 
|PLCS%CumPrf£1 -112 


Lyon I 

hfasi 


MoCorttiy 4 Stone PUC7% Cm Una in Sft 
89/04 - £222 (2SAu67) 
MesmstPLC525%tadCunnr(£1 -726 
(2Se37) 

5.625% Cm Cun Rad Prt 20120 -S2 S 
% a 3 % 

MwK%rt(Hto55lPLC5%CumPrtn -44% 
Matsl Ban RjCMftrento to at# IbrOtd - 
108# 

M%% Uns tn Sft 82/97 - £95% 

MSFiMds toveetmentt PLC7% Cun Rod. Prt 
£3 -flfl{28Au87) 

Monsanto PLC5% Gtd Ln 3* 92/97 -£63 
(ZBAuSH 

Mcrcsau HUga PLdS%% Cnv Uns La 6ft 
2000-285 

Mount CtBftoCa tovsrt m en ts PLCB4%Ca» 
Una Ln Sft 95/2000 -£805 
Nattoosl Msrioai Bitorprisoa tocSh* of Com' 
$*50 j05-S2B# 

Nad 6 Spancu HkJga PLCDto OrdlOp- 

m DM S* 90«5 - £97 6 9% (2SaB7) 
Nswmad (KfeoMea PLC10%O*n Rt 

62% 3% 

8% 2nd Clan. Prt £1 -71% 2% 

Nnt pLcnt-A* cur Pit n - mci&aj) 

Nous 5 Lund PlC8% Ow (tom Rod Prt£1 
-157 

Nmo Group PLCOid lOp -302 5 
Nororoa PLC5% Cur (M £1 -6+(28Au87) 
NartokCapBri Group PECNoarCMfip (W 
m-ssS^-OH %»%*«. 

Norsk Dsto AS 0853 *8*(NanVtg) M(20 - 
S8KDK296% 

Marti Brtab Stoat GrouKHBB^PtCOd 2Sp 

-49(lSa87) 


1 Cn ri n a ann g tod u ritta PLC 3% Cun 
Rad Prt £1-384 

5375% Cum Prt £1 - 89 * (2SaS7) 

7% Uns Ln Sft 200005 - £85 pMi(B7) 
7%% DM Sft 85/90 -£91% (28AuB7) 
Norm Gpsa PLC 
-97 8% 9 

OOvartGaorgaNFOotiMart PLCOrd 2Gp -430 
Pea CarporaaonShs of Com Sft 30JS - 
£21.3 S 35 35% (28Au87) 

Ptoksr Nnril PLC9% OM S* 88(94 - £92% 

3 (28Au87) 

PSrtifleki ttoup PLC 7% Cun Cm Rod Pit £1 
■ -330 2 (2SAoS7) 

Partdsnd Taxria(Hklgs) PLCOnl 2Sp - 218 
(2Sa87) 

PHareon Zochotto PLCI0% Own Pdtt - 
120 

Pftrtton Letart rfldgs PLC 1 0p - 121 3 
Pasraon PLC1D%% Una Ln Sft 93/98 - 
£94*# 

Pantos PLCDM Ord 20p -32S (2Ss87) 
PaugaotTribot Motor 63 LdS»% Dab 8ft 
84(89 -£80# 

Ptom PLC 8% Cum Cm Rad Prt £1 -186 
(ISeBT) 

Pleesay Co PLC7%% DM Sft 92/97 - £86 
(2Se87) 

Po*y PK* ksamaitonri PLC6% Cun Oar 
Red Prt £1 - 128 30 
Porto* Mdgs PLCB%% Ow Una Ui Sft 
94/2000 - £273 80 

Powaraasen (ntemetianel PLC 13% Cm Uns 
Ui S* 1986 - £970 (2SeS7) 

PratdF l O ipinewkM Carp PLC7%% Une Ln 
Sft 87/92 - £80 (2BAUS7) 

Press Toots PLCOrd iop -800 
PitaLMertene HMgs PLC0%% CwlksU 
S* 200003 - £138 (26*87) 

REA-Htoga PLC 9% Cum Prt n - 80 
13*% Uns LA Sft 8700 -£in(lSa8T) 
12% Om Una In 8* 2000 - C98 (28MS7} 
RJ» Nabisco tncShs at Com Sft NPV - 
S67*f1Se*7) 

RPH Ld4%cun pd £1 -3Q(2Sa87) 

8% Cum Prt 21 -80 (25*37) 

9% Una Ln Sft 99(2004 - £83% 

Rank Orgentsation PLC5%% Uns in Sft 
90fl5-£S9#70# 

8% Una Ln Stk 8803 - £88 
10%% Una Ln Sft 97/2002 - £92# 

Ranks Howto Meoougrii PLCfi% Cum "A* prt 
£1 -53% (2 Sau8^ 

6% Cun -8* Prt £1 -53(28Au87) 

6%% Una Ln Stk 8S/88 - £96 {2S~ 

8%% Um Ln Sft 90/94 - £89 (1i 
B%% Ura Ln Sft 91/95 - £86 
Rite** toduartes PLCNew Ort 2Sp 
(Fpff>AL-1 8(9(87) - 211 5 
naervem totarneaorat PLCS%% 2nd Cun Prt 
£1 -50*%*(2Se87) 

B*% Una Ln S* 8OT3 - £90% 
Rasd(Ausft8Graup PLCOto 2Sp - 370 
(28*087) 

Reed incamaborai PLCS%% Cun Rod ftf £1 
-50* 

7% Cum Prt £1 -82(15*87) 

7%% Uns Ln Sft 96/2001 -£73# 

10% uns Ln Sft 200409 - £80 4 6 


RenridfpLcB% Cum Prt 8ft £1 -50(iSe87) 
8% 1st DM Sft 91/98 - £78% 

Rktowda PLC5%% Cum Ptd 7Sp - 37 
<28Au87) 

Ropner PLC11%% Cun M £1 -1358 
(28Au87) 

Rowreree PLC6% 1st Cum W £1 -S3 
(ISeBT) 

7% Bid Cum Prt £1 -60 2(15*87) 
7%%ftd Cut* Prt £1 -86% 
RubarridPLC10%% Ura Ln Sft 90/95- £97 
SGB <huup PLC9%% OM Sft 91/94 - £93% 
(1Se87) 

S7C kwanwritnal Oooputom L08% OM Sft 
83/88 - £94* 

Savor Holri PIJC4% let Mu P*n> OM Sft - 
£33(15*87) 

Scape Group PLC 8% Una Ln Sft 8*90 - 


Sriwtog AGShe el DMS0.100 81000 (Cpo 
61) - DM614 615 615 (28Au87) 

Sews PLC7%% Cub Prt £1 -72(28AuB7) 
12%% Cun M £1 -110(ZBAuST) 

7X% Ura in Sft 92/97 -07% pSeST) 
Starr Er^nesterp PLCS% CUB Prl £1 -53 
(ISeBT) 

885% Cun RedPrtBWIB £1 -89 

#rin(W JL)8 StaHUOri Pl£*B* Od top - 

799 

Gewft(Jaftarsan)Grate> PLC10K% Uns Ln 
Sft 75/95 - KB7 

sp*reipftaMcWAMAOrdsap-no 
Sprier* Ld7%% Oeb S* 84/89 - ESS 
Spang Htoga PLC Cnv Cue Rad Rrt 20p - 
129(25*67) 

7% Ow Cun Rad Ptl Cl -17358 
(2Sa87) 

SqiMb CorpCom Sft 81 - £58% (2BAu8T) 
Stag Fum&xs Htops PLC11% Cum Prt Q - 
127 

Snnlay(A.a)Hklgs PLCNew Ort 5p (M 
Pd4M»7)^&8 

Strad 8 Sbnpeon PLCChd 25p - 780# 
Storehouse PLC 9% Cm UraLn Sft 1992 - 
EM3 

Sic WIi.ftparirwiMi PLCftUreptoto mb tar 
Old - T29 nSaB7) 

9%% Rad un Prt £1 -10S(1Se87) 
SMriJclBd 8 Sara PlCttd 25p - 470 810 
Svnrs(Jahn) &SoraLd&3%Cwu!ME1 - 
78% 

Symooda Cn gin — V i q FLCOrd 6p - S4. 

TDK CorporadonStaal Con Sft Y5Q - 
838% T7M 720 740 

Triroec PLC8%% Ura In 81k SOWS - £85 

(ISeBT) 

Trie 8 Lyle PLC 10%% Un* Ln Sft 2003/98 - 
£98% (28AuB7) 

13%% Cm lta La Stk 94199 - £280 
(1Se87) 

Tsytor Woodrow PLC7%% Ura Ln Sft 87190 
-£86 8(1Se87) 

TStodrisn Santo PLC10% Subord Os* lta 
Ln Sft 1997 -£284 5 40 
Trita Hkta PLCWuunft to eub tor (tot - 
flftj yfti */) 

Totco PLC4% Ura Deep Dte Ln 8ft 2008 - 
£ 45 # 

T«c Hriringa PLCOd 10p - 173 5 (2BAu87) 
Thomson Qg a nw a fl uu FLC&63% cum ftf 
« -75 

2L7% Cun Prf 2Sp - 70% 

THORN B4I PLC Wwreots to sub tor Ord - 
233* 45# 

7%% Ura Ln Sft 8M2 — £88% (2Sa87) 
8%% Une Ln Sft 8BS4 - £87 % 
Tariig(Thanws) PLC4J5% Cum nf £1 -59 
5^% CUB Prt £1 - 88 PSBS7) 

854% Uni Ln Stk 8SG4 - £84 
Ttftook PLCNew 0*d lOp <Fp<P*L-4iM7) - 
440# 

LQ -110 


Tamkira(FJi) PLC9%% Cm Ura Ln Sft 
1994 - £326 6 (28*87) 

Taatol Group PLC994 Cum Rf £1 - 4S % 6 
4%% Peep DM Sft - £42 
fi%% OM Sft 8500 - £87# 

7%% lta in Sft 89/94 - £84 (28AUB7) 
Tawta PLCOid lOp - 270 5 
*A" Non.V.Ora lOp -143 (28*87) 

Dvdriper House PLC9%% Una Ln Sft 
2D0DID5 - £88 C2BAu87) ^ 

1 0%% Ura in Sft 20018)8 - 198# 
Transport Oavriopmaot Group PtC42% 
Cum Prt £1 -40(28AuB7) 

Ttonwoed Grw# PLCWsrrants to sub lor 
Ord -25 

iratarast SricPtttera LdB% NomCUO Pit 
£1 -52PBAUBT) 

TTuriiouse Forta PLCItaTanti to ft# tor 
Ord - 7LB5 (2SeB7) 

7JS% 1st trig Dab Sft 8861 -DM 
(TSs87) 

H1S% Mtg DM Sft 91/96 - £97 (28At#7) 
9.1% Una Ln Sft 95/2000 - £80 5 
Urijsto PLC6%% Uns Ln Sft 9U98 - £70# 

UriproupPLC7%%CumCmRadPd£i - 

154 8(2Sa87) 

Unlever PLC7% 1st Cun Prt Sft Cl -83 
(2Sa87) 

7%% lta Ln Sft 91(2008 - £74 
Union tmaroationri Co PLC8% Cun Prt Sft 
£1 -49(28*87) 

7%CumWakn -823 
(Mays CoqjCuo Sft 35 - £27.55 (28AuB7) 
Unfed HecUtsOftW PLCWwrams to sub 
tor Ord (1900) -177 9 
Upton(E.)&.Scre PLCOrd 25p - IIS 
wan wyrito PLC4JSS%3 *b Prt £1 - 80 . 
1 % 

CLB%CumP!f£1 -73* 14 
8A% OM Sft 8S»4 - £87# 

01% Una In Sft 97(2002 - £78% 

Victors PLC5% Cun(T«x Free To 3Qp)Prf 
SftSI -6TR8AU87) 

Maria CvpM HMgs PUXW 2Bp - 178 
(28*87) 

VUvoAgySKaag ta n n e atrict ad) - £9QK 
81% 61% 81% 61% 82 82% 82*8088 
WAHoktog* PLCNew Ord K 
(Fp/PAL-4/9(S7) -56nSU 
WB Industries PvCOni lOp 
WCRS Group PLt59% Cw Cun Had Pit 
1999 lOp - 147 

WakartAftadl PlC8»* Qrii Cm Rad Prt 
pi -436CSfi87) 

VWmr ft aaff Wgi PLCOrd Bp - 190# 1# 

2+ 

WaftofTlionm) PLCOrd 6p -«1 [2 

11 %% Ura Ln 8ft 7B» - E78 
t Camaron PLCOrd 2flp -280 


Wawertty Cerneror 

WW^kcitar 

-58 


od»ftw iaw i 

wsstavl Grm# PLCVturana to aob lor Ord 

-y 2 BS 987 ) 

7%% Cm CUB Prt £1 -188(28187) 

734% DM Slii 87/92 - £85 
WMacraft PLC4.W4 Crib Prt Cl I- «% *% 
Wlgtafa Pl£7% Cm CUB Rad Prt £1 -180 
(1&e87) 

Xerox CorpCom Sft SI 

Yortt Tredar Hdgs PLC10% Crill Prt £1 - 


Registered Housing 
Associations 

No.01 bargain* Incfadadd. 

North Housing Aaaodadon LdK4% Gtd lrt 
Sft 2037 (E25P0-11/1 1/87) - £14% S 
Zero Cpn Ln Sft 2027 -210 


; Tei 2001 PLC Inc She 


Financial Trusts, Land, etc 

HariBarBrinemctoBBdSSa 

ABM Dunbar Ini Funds LdPtg Rad ftt 
SDjOOes(Managad) - £3406 (1SaB7) 
American Express Co Com KLfiO - £2l % 2% 
838% 

Aaaet Trust PLCWtoranta to aid) tor Ord - 
99100(23687) 

Beta Gdiord Technology PLC Warrants to 
ad) for Oid -29 80 

Brttannia Arrow Hugs PLCWB To Subacttae 
tor Ort - 117 

6%% Cum Prt £1 - 61 % (28AH87) 

Close Brothers Group PLCNew Old 2Sp 
(Fp/PAl-25/9/87) -240 

ConmagniB Bencske SAFROOm - 

FR75&096S 784^505 786 765 
Defy MaB & Qsnaril Trust PLCOrd 5Qp - 
£38 

Edtoburgh taftl Trust PLCWUrarea to 
sub lor Ord -42 3 4 4 
Esptoredon Ce PLC Ord Sft 5p - 235 
F 6 C Efltarprts* Tn** PLCSsr B Warrants 
to sub tor Ord - 17 
Warrants to sub tar Ord - 22 
FarguscnfJamajHldos PLCOid lOp - 174# 
Goods Durrani PLC3L5% Cum Prt 50p - » 
(18*87) 

iat Gtobri Funds LdPig Hod Prt 
5001 (Managed Sbaj - £1555 ( 
m g a y PLCl0%% Uns In Sft i 

Maroutonsl CBy Htoga PLC8 %%Cdv Cum 
Red Prt Cl -145 

M Stock Excnangs ol UUHsp ot kid 7%% 
Mtg DM Sft »96 - £80% (2BAU87) 
invest oat mama FU» LdPu Rad Prt ip - 
£8.62 (2Sa87) 

^ Pacific warrant Co SAOrd 12 (Brf - £50 
(28Au87) 

Koras-Gnope Fund LdSha 60.10 - 538# 
Stn(IOR to ft) S0.10 -8730 800750 
Msturie StoM tassananta PLC Warrant* to 
sub tor Ord -48(18*67} 

Mereanris House Mdga PLCVwkdto Rato 
Ura Ln Ms 84/99 - £94# 

Msrcury OltMora Storting TtusrShs ol 
NPVfOveraeao Fund} - 141 (1SaB7) 

Shscd MPV(Pad9c Fuirt) -153(SAuST) 
Mercury Setoaad Trust Shs NPV Japan 
FimriSr) - 81997 (28*87) 

Shs NPV UX. Rmd(Br) - 52441 (2BAu87) 
Stm NPV Singapore A ( 

FtnVRag) -tills (iSa97) 

Maszanms CBpOarita T " 

£1-170 

Preeflcri investment Co PLCOrd iOp-99 
RsttwcMriJ IHldga PLCWanwea to sd> tar 
Ord -1156788 

8aw 6 Prosper Grid FUnd LdBOJH - 
827.63# 

Second Market investment Co PLC2%% Cm 
Un Ln Stk 1994 - £93 03*87) 

Stooar A Frkritonder (taup PLC Ort Up (Ex 
RtS) - 108 8 910 2 3 6 
Nsw Ord 10p(NB Pd-l 8/9/87) - S68B7 
88 % 9 

Smith Nsw Ceut RX Warrants to sub for 
Om -92(2Sa87) 

12% Subord lta Lo Sft 2001 -£95% 

(ta n ) 

Strata Investments PLC warrants to sub tor 
Ort -73(18*87) 

Thornton Oriental Inc o me Fund LdCopkri 
Shs 80.10 -£0K(28Au87) 

Trsnacorx i nera ai Services Group WV 
-155880 

Value 6 tocame Dust PLC warrants 88/94 to 
aub tor Ort -27 (ISeBT) 
Wftrantt88/94tosubtorOrd[Fp/LA-16/9®7) 
-25(1Se87) 

6%% Cum Cnv Red Prt £1 -150(2S*87) 

Insurance. 

No. ri baryta Included S62 

Alexander & Ataandar Services tncShe ot 
Ctas* C Com Sft 81 -£14%fiSe87) 
General /toe Fke&u* Arne Coq» PUC5%% 
Cum Prt £1 -50 

7%% Una Ln Sft 87/92 - £80% nSeST) 
7%% lira Ln Sft 82/97 - £8154# 

(tarrian RojaEacbangt Aa*u«noePtC7% 
Cum Rod Prt £1 -76 
7% lta Ln Sft88/91 -£88 
Stendart Ufa Aeemuca Ct>5% Fwp Sft - 
£35(2Sa87) 


Investment Trusts 

Nql rt berpalra toctudad720 

Arianoe That PLCS% Rrt Sft -£47(18*67) 
4%% Dm Sft Red etlar 15/8/58 - £37 
(ISeBT) 

Anglo 6 Overseas Th« PIG4%% Cum M 
Sft -£41 2% 

Arabrito hwaabnont Ttat PLCA Warranto to 

sub lor Ord -42 

Brtttsb Assets Trust PUTA* S% Prf Stt(Cun} 
- C40(1SaB7) 

British EngWa Sec 8 General Trust10%% 
DM Sft 2011 -£868(18*87) 

Banner inves&aeM Treat PLC5% Cun Prt 
Sft - £49# 

CJLCtaratmsn Tnwt WJOrd 25p - 330 
Capital Gearing That PLCOrd 25p - 228 
0S«u87) 

Donee t r w rat m ws Thwt PLCWts to 
SMecrtbe tor 1 1nc 6 1 Cap -80# 

□aroy irtri PLCWvrariito h*> tar Cap 
She -148# 

BMudi American Assets That PLC 8% 
Cm Bubart La Sft 73/06 £1 -935 
Ertnburgh kwestraent Trust PLC3 lS 5% Gum 
PW Sft - E4S(28Au87) 

1 f K% Dab Sft 2PT4 - £104% » % 

FJ C Etfoeuat PLCSV% Cm Un In 8ft 
1996- £220 8(23*87) 

FA C. Pedic kweawram That PLCtoueri 
to aub tar Ort -BB 
Rrst Spanish Im That PLCtMft 
(Fp/LA-25/9/87) - 1123 5 
ri amtog American kw Truer PLCJ% Ctan Prt 
Sft -£45(28*8/) 

nemkig Ovariwea im That PLCS% dm M 
£1 —44 (ISeBT) 

GT Swry Japan Fotd LOS0.10 - CHJtBS 
(28AjjS7) 

German SeasWes few That PLCChd £1 - 
116 

German Strata Co's few That PLCWwrams 
to srii tor Ort -96# 

Globe im ertra ra That P(JC10%DM Sft 
2018 -£92% % 

1 1%% Cm Ura Ln Sft 90K - £396400 5 
Gored Atomic kw That PLC 8% 1st Oeb Sft 
85/90 -£83% (2BAU87) 

Gbwb Smepto few That PLC9%% DM Sft 
2017 (£50 W-11/9/87) - £42 ft % 

10%% DM Sft 201 8 - £83% 4 
G raentrter tore e bran t Co PL C WU ran U to 
sub tar Ort -333 (ISeBT) 
hwatton Capta Trust PLC8%% Cum Prt 
Sft-£50%2%(2BAtri7) 

7%% DM Sft 8207 - £77# 

Law Dabanlure Coro PLC8% 2nd DM 8ft 
83/88- £96% gaSAUBT) 

London S St Lsw v nce hireaiuout PLCOrd 
5p - 113(25*87) 

Mercbiaim TnoLPLC4%% Cum Prt Sft £l - 
40(1SaB7) 

Merits investment That PLC11% DM Sft 
2012 - £96% (2BAuB7) 

Moorgale tnv a a un a it That PLCWwran ft to 
eubtarOrt-flO 

Murray HemeBanri TYiat PLC8% DM Sft 
83/88 - £96% ft (28Au87) 

New Darien 01 That PLC itarara to sub 
tor Ort -16 

New Tokyo inv es t men t That P L CWa mm 
total tor Ort -99 

Nontwm Atnertam TnoiPLC3%% Cues Pit 
Sft -851# 

Raeburn Investment Treat PLC5% Cum Pit 
Sft -£48 50 

i and issues kw Thai PLCInc 25p - 83 


% Cun Prt £1 -86(28Au87) 

RNer 6 MsrosntBa That PLC9% Cum Pit Sft 
- £45 (1Se87) 

R/vsr Plata A Gan fewest That PLCWktrards 
to sub tor DU -236<2BAift7) 

Schroder Gktai Trust PLC5% (ton W Sft - 


ScoCBsh Anwricwi Investment Ob PLC4% 

Irrt DM Sft- £37(1 8*87) 

Sootati Eastern few That PLC4K% Cum tof 
Stk -£40(28AuS71 
9%% DM Sft 2020 (E2Md-7W87) - 
£15% ft % % % « 

Scotta Investment Trust nC4*% Parp 
Deb Sft -£37(18097) 

ScaHM Mcnrags 4 That PLC8%% Cum Prt 
Stk -£45 (ISb87) 

' SrottiM NManriThat PLC 10% OMSK 
2011 -C90%rtSa87) 

Second Attanca That PLC4%% DM 
8*41950)- £37 (ISeBT) 

Sacurflira That ri SaoOaad PLC4%% Cun 
Prt Sft - £41 

7% DM Sft 98/93 - £83% 

SMraa bnntmtod PtCWMmtt to sub tar 
Ort -74 

TR OHO/ London Trust PLC 10%X DM Stk 
2Q20(£20Fd-1 1/9(87) -£13%# 

TR toduaatol 8 Generri Trust PLC10% DM 
Sft 2016- £82%%% *K3 
TR Pacta Batei fewTnatPLCVMiTe 
3ubsata tar Ord - £1035 
TR TnataS Carp PLC4%% On Prt Sft - 
£*2(15*87) 

T.T. Finance PIC 11 8rt8% GM DM Sft 2018 
-£99% 106% (2Se87) 

Tonpls Bar Oww&nam That RLCM Cm 
Uns Ln sac 2082 {fOPAL-SVU8n - 
£102% %3% 

Vanags Sacurta* PLCtarranM to ft# tar 
Ord - 160P8AU67) 

Wan IwHttHbtCo kC34% Cum PK Cl > 
46% 

8%% OM 8ft 2018 -OW % 


Unit Trusts 

Wo.<rfbBgafcwinctadKf<7 

MA ft American ftnMarCD^ Fund Inc linta 
-fifty 

AscusUnfea -61 A# 
lift ftGoid 6 General Rsidta links - 88$ 
(15*87) 

Accun LfelfeS -8ftB(28Au87) 

IU ft fetanaiianal fenma Rod toe Unit* - 
768 J 

Acoun Unin - 78% (iSaST) 


Mines - Miscellaneous 

No. ot bftgftfia mduded2BS 

Anglo American investment Tnai L06% Cum 
Pit R2- 6 (ISeBT) 

Aagto Unfead PLCCm Rad Prt lOp - 101 
BHCH Rn Co PLClOp - 74 
Botswana R5T LdPu2 - 55# 

Coraefedstad Grid Pieids PLC7%% Uns LA 
Sft 990004 - £70% 2 (15*87) 

84% Una Ln Stk 88S0 - £80 pSe87) 

Da Bears Consolidated Unas Ld40% Cun 
Rrt R5(Br) (Cpn 157) - 400 25 (28Au87) 
DHROuDS(B0(Cpn79) -S158 15% 158 

8% Cun 2nd Prt RI -lO(lSe67) 

B Pro MringftFvpioraiton Co PLCOrd lOp - 
48G(1Ss87) 

fetongua Capper MbwUOid 8ft SZ1 - 
18 

NahhOsut tarestmeros LdR 0.10 - 18 
C2Sat7) 

RTZ Ctsparaaon PLCOrd 25p(Br) (Cpn 5ft - 
£13% 0222 

Aecumg Old 2sp - iZffi# 12V# 

3325% "A" Cum Prt £1 -42 (if “ 

6%% Uns Ln Sft 65(90 - £89 90 1 

Mines - South African 

Ng of bargftna /ncfetaadiB* 

East Oaggatontato tfiras LdOpBans to ta> 
tor Sha -320(18*67) 

General Mnhm Union corpmiian&B% v*r 
Comp Cm CWn Prt ROAO - £10 (ISaBl) 
New KWntaotakt ProoertiasLd R02S - 90 
(28*87) 

Western Dw*i Lama Lni2% ura Dabs 
86183 RI - 16(28Au67) 

Oil Na ri bargains jnetodadi 323 

fttdM Petroiaum Co PLC 9% Cum 2nd Prt 

£1 - 80 % 

Burma/! O* PLC7«% Cum Rad Prt Sft £1 - 
65 

Cator Grmm PLC Ort 50p - 428 M S 5 7 8 
Greet Waatwn Rsseurees incShs ri Com 
Sft NPV -218 

Kingston OB & Gas PLCOrd SOp - 113 
Mobi CorpShs ol Com Sft 32 - 051% 
HSeBT) 

She! Tf wap o HB Trt ta g Co PLCOrd Sbs (Br) 

26 p (Cpn t 77 ) - £ 133 ( 25 * 87 ) 

5%% 1st Prt(Cum)£1 -49 50% HSeBT) 
Texaco tntammtoral Fin a n ci al Corp8% Steps 
Cm Old Lit Sft 81 (98 - £95 (ZBAuBT) 
Totat-Compagria Fancaft* Dsa PubctaT 
She FRSO — FR441.783 (2Se67) 

Property No. ot bwgana InetudadTSS 

AOad London Properties PLD1N% 1st Mtg 
DM Sft 2025 - £96% % (2Sa87) 

Aada Property Mdga PLC5%% Cm Cura 
Rad Prt £1 - 11823 (2Se67) 

10 5(18% lit Mtg DM Sft 2011 -£91% 
Lotus 


_ _ 4% Lta Lo Sft 2002(07 
-£73%(2S08T) 

BdtoriPercy) PLCAecun She 2Sp - 370 
HSeBT) 

BoacarnOe Property Co Ld5% cuni 1st Prt 
£1 -45(28*087) 

Briunris Group PLCOrd Sp - 175 
Brkdon Estate PLC9% 1st Mg DM Sft 
82(97- £93 HSS87) 

950% 1st Mtg DM Sft 2028 - £85% 
COM 4 Cautoet PLC5%% Om Prt £1 
(Fp/PAL-ft10(B7) - 105 (25087) 

9K% IstMtgOMSft 2027lE25Pd-3tV11«7) 

- £19 

9K% Ura Ln Sft 81/96 - £91 % 

Qstkwod Stance Mdga Ld7%% Use La 
Stk 50p - 30 (2Sa87) 

C9y Sbs CHsai PLC1050% IM Mtg OM 
Sft 2017 - £S3 

7% Cm Ura U» Sft 2D06I06 - £128 
Camay Properties &oup PLC5il% Cun Prt 
IQp -S(2Ss67) 

Engdsti Property Corp PLC9%% 1ft Mtg DM 
Stk 97/2002 - £93% 

Great Portland Estates PLC9£% IstMfg 
DM Stk 2016 -£87%# 

Mean Property Co PLCOrd k£D25 - K1 J55 
p 137% 

Greycoat Group PLC 1225% Uns In Sft 
90G2 -£1 02 0BAU87) 

(tariia* Property Co PLC6% Cun Prl £1 - 
53# 

6%% 1st Mtg Dab Stk 9Q/B5 - £78# 
l lsuau a u on Prop kwBDm Cup PLCOrt26p 

— 855 50 

Itowana raon UX Properties Ld9tt% 1st Mtg 
DM Sft 97/2002 - £87 (2BAU87) 

KtaWi Property (taup PLCNew Ort 5p 
(FpAA-9««7) -232 
L«id Securities PLC8K Iat ftbo DM 9k 
88(90 - £96 (ISaBl) 

7*% 1 ft Mta DM Sft 91/98 -E88%# 

9% 1st Mtg Deb Sft 96(2001 -£88 
10% la Mtg DM Sft 2025- £93 
' 8%% UraLn Sft 92197 -£85% 

London Shop Property That PLC8K% lira 
LnSftB7/B7— £90(18*87} 

7% On* UraLn S* 

2D01/06(Fp(PAL-7/BIB7) - £99% 100 100 
% 

Lyrtcn PropertySRevenbanary PLC 1014% 
- 7 (E30PP-7/1/88) - £2* 


%% 

UB>C PLC 10%% Iat Mlg DM Stk 2024 - .. 

ypfrp. k#%# 

12% iaM»QMSft20t7-SW7H#B# 
8% Ura Ln 9ft 2000(05 - £Z5% 

Marin h u s midaia / Propertiea LdOid 2Sp 
(Ex Rights) -227 32 7 40 40S 
Cum Red Cnv Prt £1 -130887 
Mocklov4A£ J)&OUp PLC 7% Cun Prt £1 - 

Peachey Property Corp PLC6%% 1ft lOg 
Deb Sft 83/88 - £93% (2BAu67) 

9-9% 1st Mtg DM Sft 2015<£25Pd-7/9lS7) 
-£16% % 

PM Htoga PLC10% Cue Prt 50p - 82 
(2BAU57) 

5-25% (Tint) Qw Cum Non-Wg Prf « - 
116% 9% 20 

Regia Property radge PLC8«% Gtd lta Ln 
Sft 1997 - £90 (2Se87) 
ftuBh & Tompkins draft PtC7Ji% Gnr Cum 
Red Prt £1 -160 

8cottisti MMopo—n tap a rty PLC10%% 

Id M« Deb Sft 2018 - £92# 

Town Centre S ac uM aa PLC 9% Cm Uns Ln 
8ft 96(2000 - £218 HSeBT) 

Tratfcxd Park EatsW* PLC9% 1ft Mtp DM 
Sft 91/96- £68%# 

Warner Eaftto Mdga PLC6%% lta Le 8ft 
91/96- £74 

Wares Ctty ri London Properties PLC Ort 
25p-247 8 


Plantations 

No. ri bargains JncfcxlBd 24 


An#*- EM BmPtonft9oraPLCVtonapl»to 
sub far Ort - IS 

Baradki Htoga PLCSp - 48 (18*87) 
CMHnpton Corporation PLC9%% Cue Rad 
Prt Cl - 1 05 

Dunlap PtanuOora Ld9% Cum Prt £1 -58 
05*67) 

Htiong Estate PLCOrd lOp - 125(2BAu87) 
Jfte ItobOsr Ptontsdoro PLC Sft tOp - 68 

IMftri^srtoaSM 1 - SS6094888 
B8AU87) 

Rue Estates Htoga PLCZSp - 686 (28AUS7) 
EaMaa PLCSft 5p - 


Railways No.ribwgtewkichideda 

Csnet&an Pacta LiJOrri 0u LdoJOrasreh 
trsrabriNPV-£l2% 

4% Non-Cura Mbtatch Ttanai) £S8g 
NPV -39 pSAuS7) 

Ontario 1 Quebec RaJMey Co 5% Perm Dob 
Sft(lnt Old by OP.) - £37 HSeBT) 


Shipping No.riUgg*talnctaaBdt32 
Grata Slipping PLC'A* NoaV Ord £1 -700 
Psriradhr & OrtanU Steam Nsv Co 5% Cue 
Pld Sdc — £44(2Se87) 

3%%2ndDofaStk(Pmp) -£2B(Z8At^7) 

Tumbril Scott Hoidtags PLC Non V.-A*Ort £1 
-486 05*87) 


Utilities NCLri beryalne InctodedBS 


American WonnaflonTachn. CorpShs ri 
Com Sft $1 -896% (28Au87) 

Barton TranoMt PLC Did I60p -800 


I Channel Ship Repairers PLCOrd lap 
-29 % 3030 % 1 % 

EAEXNpvfBT) (Cph 43) - BFO 
Fetaatowe Dock « R9My CoPrf U«9 - 
£B3(2BAu87) 

feitercom Beige NPVOri (Cpn 37) -Y124412 
(2BAu87) 

Manchester Srip Cenal CoS% Psrp Prf £1 - 
32S 

4% Pete 2nd Mto DMafRstf) - £38 
(26*67) 

Masy Docks & Kartm* CoCMttwd IMts 

-266 8 72 _ 

3%% ftod Deb Sft 79» - £80 (2BAuB7) 
3%%fert DMSft - £25 (25aS7) 

US WEST JncSh* ri Com Sft ri NPV - 
057% (28Aiig7) 

Waterworks 

Na.ribergatalndUded3 

Dounsmouth & Dtatat Water Co 10%% Red 
Dab Stk 1896 -e95K 6 (39*87) 
emtri ttMoraula Co35%{Frriy 5%)CdOs 
Prf Sft -E50(2BAu87) 

O wte r We mwuto Co3.l5%(Rriy 4%nyn 
Sft- £40* 

Cota vafesy Wsar CoAJHS^Ptnjy 
5%%)Rad Prt 8ft88/S3 - £78 (ZBAuBT) 
Rftastons 8 Oterta Water Co4^S(Fb*( 
7%%ta.NBW Ort £10 - £1«K (18^) 
43%(Ffriy 7%)Max Old (1950 )9 b)£10 1 

i*»r ■ * 


aesni- . 

SSH#B% 4%)Prt Sft -£75 66 
kta-Suasm wtoer Co3326%(Rriy 4%%)br(3 
Prt Stk -£50# 

HOmflUn & Gotahand Warn Co3S%ffmy 
SDQOta Prt Sft - £50 (28AU87) 

North a*ray WtaMr Qo4S% BOrt Sft - 
£100(16*87) 

Portsmouth Water Co 14% DM Sft 1992 - 
£109% 10% (2BAuB7) 


Rictananswonn Water Co2 8%(Firiy 
4%)Cons Prt Sft - £37 (2BAu87) 

Souh Saftortshire Wkmwcrks Co 
-£90(15*87) 

35%(Firiy 5%4Cora Prt Stk - £47 
(28Au87) 

Sunderland 8 South BNrida Wrier Ca7% 
Red DM Stk 8808 - £94 (28Au87) 

York Waterworks Co Cora Prt Sft(4£%Max 
Fh9f 8%) - £30 HS*87) 

10% R*d DM Sft 96(98 - £92% 3 (15*87) 


USM Appendix 

No. of bargains tacfadM 1492 

Avesco PLC cun Ptg Cm Red M 1997 Ip - 
104 6 9 

Bomac ha nfca ( Btan a flonal PLCOid Sp- 89 
42 3 4 S 

8% Ow Ura Ln Sft 1991 - £200# 
Criguta Estates Propwtra PLCOrd 6p - 

New Ort Sp (Fp/ AL-afflffl7) - 81 
Wvranft to eub tar Old - GO# 

CratTphorn nCOrt Gta> - 770 f1Sa97) 

Gtobs Itaw PLCOrt 25p - 188 HSe87) 
Goodhend Prim Grom* PLC7% Cm Cum 
Red Prf £1 - 140 5 
Hornby Group PLCOrd 5p - 153 
Johnson Fry PLCOrd lOp - 315 
Knobs 8 Knockere PLCOrd 10p - 150 3 
Partway Group PLCOrd 5p - 248 50 2 3 
RKF Group PLCOrd lOp - 111 1 2 
RMto PLC5125%{Nat) Cm Cum Red Prf £1 
-10022334 

Rockamod HoUkige PLCNew Ort Iflp (Ml 
Pd-1(M«7) -35 

Rosa Consumer Beceonl ca PLCOrd lOp - 
22B (28AU87) 

Ruri Planning Services PLCOid 3p - 82 4 
Shelton (Manki) Qreup PLCOrd 1 0p - 75 6 
Semi beemehonW PlCOrt top - 83 
Smash Products PLCOrd 1 0p -9035 
p>So87) 

Yahmrton Inveatmanto PLC 8% Cm Ura Ln 
9tk 1987 (Nl Pd-15/9/B7) - £3 (28Au87) 


The Third Market Appendix 

No, ot bargains taetoded218 

Ardmore Petroleum PLCOrt fe£025 - 20% 
CSa87) 

Owmex tntemadonal PLCOrt 5p - 82 5 8 6 
79 

Gardner LI) Qm* PLCNew Ort Sp 
(FprLA-uaOT) -83# 

HanorttU Gnxp PLCNew Ord 5p 
(Fp/LA-1 1/9/87) -33 4 5 %6%7%8 
Leading Leaue PLCOrt Sp - 118 8 % 2020 
130455678 
Uedkrae PLCOrd lOp - 145 
Wanarts to aub tor Ort - 63 (2Sa87) 

UPL Group PLCNew Ort lOp 
(Fp/LA-181907) - 140 (2SeS7) 


RULES 535 (4) (a) 
Bargains marked in securities 
where principal market Is outside 
the UK and Republic of Ireland 
Quotations has not been granted in 
London and dueling* are not 
recorded in the Official List. 
Acmes HkM 255* 12/9) 

Acorn Secs 1208 118 122 123 
American Barr & Resources Cpa Inpvl £14+ (2/ 
9) 

Amsterdam- Rotterdam Bk Ft 87 J (2/9) 
Angto-Alpha 300 (2/9) 

Aiat Dev 225 (2/9) 

Amt Foundation Inv 67 0/9) 

Bairteo Gold Mines 8 U/9) 

Stack MU Mins 138 (28/8) 

CSF (Thomson-CSF) FFr 1310 1320 
Cent Norseman Gold 124 A028O 289 2-95 
Cerebos Pac $5 6.93 (2/9) 

Chuong's bh* (2A)> 

City Devs 55586 
Conex Amt 6 
Com Pet Amt 11 (2/9 
Dried Cbem ItxK Y8S00 0/9) 


Pevetapment Bk ri Sbinpore SS16-0 16019 
Forest Laboratories £178(219) 


Free State Cons Gld Mines <R0-50> SI 7?, 

Gearhart Inds 175 

GofcanU Minerals 55 

Gotten Valley Mlom 56» . 

Grtxse Brucrilei Lartoert BFr 139 164 1676 
(2/9) 

Hk-TVS 135 JHJ7.2 Wti 
HoUdny Gotpn £17.65* (2/9) 

INT Mining 18 0/9) 

liwiRCUMe 6<d A5030 (AS0.20) 28 

Jones Mining <AS0_20> 751; 6 AXL736 I2FN 

Krystone tnUd S21)«0 C28/8) 

taninritall Tin (Mriayua) Bertad 50 U^) 

Kulim Malaysia 40 (1/9) 

Matsushita Elec Irakis 516-37 nJSSO 231555 
2,325 2328 

MiiKorp Pwrotenm SA0J65 
MrtsubWd Heavy (rats V613.0 __ 

Mount Pleasam Reso u r c es 5A051 (2/9) 

NZ Forest Piatoos SN5J. 

National Electronics (CcraoHdricd) Bh 
Naticnale-Nederlanden CVA (FC5) FT75 75*4 
Nluglnf Mining SA1451 (2/9) 

North Flinders Mines 625 (&» 

OH Search 78 9 80 1 SA3.9 

Overseas Chlram Banking Crap 3204* (28/8) 

Petrocari) Eaptoraben SA O-2 

Pioneer Electronic Corp V2880 

Plenty River Mining Co U 

Poseidon 308 SA6.74 7J7 7J0 7*4 

Regal Hotels (Hkigs) 27ij 

Royex Gold Mining Corp 230 (3/9) 

Schering-Plough Cup £31*2 

Seagull Energy Corp £13>2 (28/8) 

SeinwuidUc Electronics 662’? 

Service Corp Int £17.91 (2/9) 

Singapora Land 058.03 (28/8) 

Soeleta NaUanale EM Aqullatne 562.4 Fr377 
390'2 

Source Perrier Fr905 15 (2/9) 

Square Gold & Minerals 66 
Sui Hung Kal Co 39 5H5D7S (2/9) 

Smi Hung Kai Properties SH1B.95 

Sky Une Ftphinrtlnn Com NPV 6254 612>2 
(1/9) 

Swire PacKlc M B~ SH455 
Sydney Oil Co Si (2/9) 

Tcnamar Resources SA0.228 
Valiant ConsolWated 21 (L9) 

Vidtlen (Louis) Fr 1171 11B9 1205 1215 
Wattle Gully Grid Mines SAD -21 (28/8) 
Mtetfeto Minerals 5C3.675* C2») 

Wharf Hldgs SHKUJ-266 
Zaoex 129 11/9) 


RULE 535 (S) 

ApplicaLions granted for specific 
bargains in securities not listed on 
any exchange. 

Keranare Res (Ir0_25) 62 


RULE 535 (3) 

Dealings for approved companies 
engaged solely in mineral 
exploration. 

Aftams A' £16.00 (2/9) 

AJUUX0 A Leicester Stag See llltpe 8<ris 
£99.943 99.963 0/9) 

Amri. Metal Corp 6pcPf(£l)2S 35. Do 5.4pcPf 
(£1) 35 42 

Am Street Brawny (£1) 755 (3/9) 

Barbican Hldgs tip) 4ia \ 6 

Berwick Grp (5p> 58 60 (2 A» 

Burrougte (James) 420 50 13/9) 

Channel Hotels & Praps QOp) 175 475 (1/9) 
Dart Valley Light Rlwy (£U 200 5 13/9) 
Euapean Hldgs QOp) 20 
Fredericks Place (20p) 100 15 (2/9) 
Greenstar Hauls OOp) 26 (Z/9> 

Hart Rock Cafe (2p> 190 1 V 
Hydro Hotel (Eastbourne) (£1) 330 5 
Jennings Bros 205 (3/9) 

Jersey Gas 3pcPf (£1) 26 
Jersey New Waterwfes 2ocPf US) 85. Do 
3VpcPf l£SV 160. Do. 5pcPf (£5) 215 
Koridc Leisure OOp) 38 43 5 7 
Le Riches Stores (£1) 440 
Lineriitaire Standard 400 (1/9) 

Liverpool Ft (£5) 255 (3/9) 

London Writ Hldgs (£1) 267 70 
Manchester Utd PC (£1) 400 (2/9) 

Merchant Manufactory Estate (£1) 150 
Merrett (10p) 475 

Norton VI liters Triumph dp) 7tt >9 )i 8 >2 
Po rtsm o u th Water 4pcPerpD0 £23 (JF)> 

Red Rose Radio A NV aOp) 123 
Weetafalx A INorv-Vto) 315 25 


’ permission of the Stack Exchange Cwmcif 



FINANCIAL TIMES 
CONFERENCES 


WORLD 
MOTOR 
CONFERENCE 

10 & 11 September, 1987 
FRANKFURT 

The Financial Times World Motor 
conference to be held in Frankfurt on 
10 & 11 September to coincide with 
the Frankfurt Motor Show, will look 
at industry perspectives into the 
1990s and the importance of strategic 
alliances and marketing in a 
competitive environment Speakers 
on an impressive platform include: 

Mr Robert A Lutz 
Dr Carl H Hahn 
Dr Hansjorg Manger 
Mr F Perrin-Pelletier 
Mr Hermann Franz 
Ing Giorgio Garuzzo 
Ing Sergio Pininfarina 
Mr Roger B Vincent 
Mr Peter W Schutz 
Professor Noritake Kobayashi 

official CARRIER: British C*fedoni*nflAin*ay* 

~~ WORLD MOTOR 

•fa Financial Times C onferafice Organisation 
Wnste House. Arthur Street London EC4R SAX 

01-621 13 55 Wtec Z7347 FTCONFG Telefax; 01 -623 88W 


Name. 

Thte_ 


Company. 

Arf*BS5 


_ Country. 


I 

= I 

Telefax No: j 





14 


WORLD MARKETS 


Financial Times Saturday September B 1987 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
Lid., in conjunction with the institute of Actuaries and the Faculty of Actuaries 


NATIONAL AND 

REGIONAL MARKETS 

Figures in parentheses 
stow lumber of stocks 
per grouping 

THURSDAY SEPTEMBER 3 1987 

WEDNES 

DAY SEPTEMBER 2 1987 

DOLLAR INDEX 

US 

Dollar 

Index 

Day's 

Change 

% 

Pound 

Sterling 

Index 

Local 

Currency 

Index 

Gran 

Dn. 

Yield 

US 

Dollar 

Index 

Poond 

Sterling 

Index 

Local 

Currency 

Index 

1987 

High 

1987 

LOW 

Year 

ago 

(appro) 


16810 

+13 

15031 

25537 

238 

16645 

24929 

153.49 

16840 

99-92 

7847 


9832 

+04 

87.92 

9166 

224 

9738 

87.95 

9152 

10162 

8553 

9421 


134.29 

+03 

12038 

124.02 

330 

13322 

119.70 

12336 

13409 

9649 

9227 

rjmarta flMi .... 


13651 

-05 

12234 

13023 

£28 

13750 

12355 

13038 

141.78 

moo 

100.93 



12336 

+05 

110.13 

11550 

2.41 

12255 

12041 

11567 

12421 

9848 

9341 


11637 

+13 

10423 

109.75 

256 

11453 

10291 

108.42 

12132 

9839 

10028 


104.29 

-0 A 

93.26 

9724 

1.94 

104.72 

9440 

9846 

104.93 

84X0 

9639 

Hmwjk<?ng(4 , ?> 

14736 

+03 

13L77 

14762 

237 

14637 

13197 

14720 

14736 

9639 

7739 

IrplArtli fid) 

14531 

+03 

329.94 

13738 

324 

14444 

12951 

13737 

14541 

9950 

8473 

hilly 1 761 .... - 

87.71 

-13 

7&43 

8545 

243 

8930 

8024 

87JQ 


8422 

mas 


14947 

-L5 

13334 

133.40 

051 

15L91 

136.49 

13534 

16128 

moo 

9835 

Malaysia (36)-.. 


168.42 

-2.7 

15060 

16231 

228 

173.08 

15552 

16726 

19364 

9824 

9423 



374.62 

+0.9 

334.99 

61532 

a49 

37120 

33354 

607.97 

37462 

99.72 

59.44 

Netheriand (37). 



1Z7.48 

—05 

113.99 

117.47 

330 

13H13 

11542 

118.71 

13L41 

9965 

10240 



128.72 

17738 

+L2 

15862 

15830 

1.71 

17524, 

157.46 

15734 

17738 

100.00 

10908 

Singapore (27) 


163.71 

-23 

14639 

15835 

154 

16757 

35057 

16225 

17428 

9929 

90.93 



187.41 

+15 

16758 

13657 

331 

18437 

16566 

136.65 

19809 

moo 

9535 


158l99 

—3.4 

14247 

145.08 

2.72 

16149 

14434 

14764 

16149 

100X0 

tm 

Sweden (33) — 

12832 

+04 

114.93 

12030 

L92 

12835 

11535 

12032 

13034 

90® 

9324 

United Kingdom (333) 



10932 

153.91 

+13 

13763 

13763 

3JZX 

15194 

13652 

13652 

16237 

9965 

9628 

10135 

USA (589) . 



13030 

-05 

116.96 

130.80 

2 30 

13142 

11808 

131.42 

137.42 

moo 

105.77 

Europe (929) ...... — 


127.98 

+06 

114.44 

11732 

279 

12727 

11435 

11724 

12835 

99 J8 

10030 

Pacific Basin (603) . . . 


15020 

-13 

13431 

13450 

065 

15219 

136.75 

13625 

158.77 

moo 

9734 

Euro- Pacific (1612) ._ 


14138 

-06 

126.43 

12766 

1.42 

14230 

12756 

12869 

14365 

lOQOO 

9652 

North America (718) 


13L12 

-05 

11725 

130.79 

277 

13174 

11837 

13L41 

13755 

moo 

10552 

Europe Ex. UK 1596) . 

, rf ^ 

11139 

-03 

100.05 

104.72 

243 

U196 

10060 

10532 

1LL97 

9802 

99.40 

Pacific Ex Japan (225) 


156.77 

+0.7 

14049 

14846 

235 

155.71 

139.92 

14735 

156.77 

99.92 

7852 

World Ex US (1816) 

r 

14137 

-06 

12636 


L47 

14273 

12825 

12935 

14338 

moo 

9852 

World Ex UK (2072) 


135.94 

-03 

12155 

12850 

132 

136.97 

12307 

12957 

13832 

moo 

10131 

World Ex So. AT. (2344) 



13731 

-06 

12269 

12925 

195 

13850 

12400 

130J2 

13947 

moo 

10137 

WorM Eat. Japan (1947) 

— 

133.74 

+CJ) 

11730 

12729 

276 

13179 

21&42 

12759 

13403 

moo 

10253 

The World Index (2405) 

— 

13733 

-06 

122.98 

12934 

196 

13830 

12426 

13020 

139.73 

moo 

10134 


Base wires: Dec 3L 19B6 = 100 

Ccapvjb), The Ran** Tkna, Goldnsnv Sachs & Co, Wood Mackenzie & Co. Ltd 1967 
Latest price changes were nanartrie for Ms edrion. 


EUROPEAN OPTIONS EXCHANGE 


BASE LENDING RATES 



AUTHORISED 
UNIT TRUSTS 


Brown SWptgy & Co Ltd (aXa) 
WtenfmettRLKaimiHfli OMM 


Abb ej 0« Tst «SgnL (a) 
80 HoMerim W, Banmaman 
net iocmk 

ArttCMlKW |S3JS 

tats. 6 Find he 

(09*1 be DM?- 
Wtri+ritBari I US, 





(LM F1C . . 

^ FtCConma 
0.97 rACMreagodEwuitJ 

-- rdcn»*ta*r-«M 


Hwalmoc AgM teMMhw tlnUL 

...J tuo witm — — H SKf 

' 132 Smrtrrfta— ItW 


•UMWM 




Bnmnot ttoft TmtUgat UHDftXd) 

ggsS s 

M7 B u dtma rta Mangai mt Co U« (a) (c) 3t*£) 


jg FAM-Eri/W-Jl 

- Cwenianfwd- 
M 

H Htsagw Smteia 


j}£ Do. Arran 

Bfi£ 


_Z3 137 TVSttck Ejrtvwgc, U 
■i5| M Mtmaavas^al^ 
IAS an UtaguKttlStrtiZj 
•ON 22 CMCT UccScic a^— H ] 

L3* MS«2 

0» uasmUotelSc* 


UJ.DMratogCtfs_J 

lae*re*lKrtkI__l 


AEtua Baft Trusts 


13®*’ 



LoMmEC 2P2JT, 0X4882868 SmtoW? 

73.? nul __J ui mm 

BU 

__ 577. 

iaj» — 




FMsSty Imrutneit Scrriot LM 
Brer WA Tortrtdffc TN9 UH 

AstcHond) 1257 tJJ-3 -*-3 

Mwr.Ea.lact). *-2 

Mv.3p g.5B.tZl gJ 

tb "las 2 rr 


«X»J(*Pa < lj*-*B [ Bav«E 0L837M9* UTFrectaiSSl. LgriW |C3M 5AL. 01-080 7SW S5 StSSi_=W.4 - KESCJS 1 . 

Ew^mema au wjl 43d an smu MW. — w» sod — I is SS)toSrifz}__ stu atw +$g w w^ rrig- 

m_JZ=q«t5 cf33 rtf Ut CCL Umt Tmti Unified fTeSwSoi — ** z -04 lg g£f?2*“rr 

IS H om4|»7ito SSHS&Sm. ** aJ -3 «| 


S« 2 77 Aid 

izbclb and 
Jiou rfiSa 

jj^ || 

1 U5L9 ^z53 rtjj 

^ s «• 

UU izrjf 



74, Step!** Bosh Crew, Ldd WG850 01-7*0 7U7& 


L« CS Fuad 

S5 

+ls §S«»5feMi3® 

Canada Lite IMt Trust Mam. LM 

24 Wife SL Pawn Bar, Herts , 0707 

CK.Co.Dou 13573 

£S 




bmti&iKTHtn 
MmSpkMS 

Maarnsui , 

1148 iMUnU^ 

OJS Mb. be. Eg. TH. f*3_ — I 

E.AjrtTail>_J-.- 

t T i --lum 

“* Robert Fleming A Co lid 
25 Q*riaO Ant Lrntoi EC2R7DR 


_ NLA Tower i 
4U| U7 iMBrMT 


Htoefiffe Unit Trust MnMMtnt United 

HIE Sonnet Baft TU. «s*.t 


■- OjJ locnnr TraH — 
032 wtortTraa. — 
iSjaPMfrrtTa- 
0.01 IgJHM.RCMtra.1 


i* 

§t 5 j 

I7M 3 

So ^ efl & 


,e-' 



. .2202 

S GB&M.hLTitBU^IS72 

Caanon Food Ma nu s Uri 

3JS 

IS beott 


ABed Dmtar DoS Trusts PLC (aXs) 

ABhd Pn*ar CnMv S-tattM. SJI1 1EL 
(0773)28291. - - 

I 1Mb 



(a) 

3 LmkBi WZB 8k>n EC2H 5NQ 


DaBnar79»61IBH Capel (James) MugL Ltd 

P0Bo.551.fc, Bavb Marts, EC3A 
- - ——1 5138 



' I TO 9 

Cafntat House OuH; Trust Unfit 
Cartal Baa^ FUM Sqpar*, E d Mard L 
031-223 4477 
EnaaDMk'niU). 
locntAfirpaieira 
MrtTW. 

. GmCiTttuI 
HAMrbwli 
IHCGraMfeTB- 


Series 

noTbt 

f5^ 

May 88 

Stock 

I'PM 

La» 

■7T 

Last 

■TM 

last 

COLO C 

5500 

106 

830 

92 

18 



S4M60 

GOLD C 

S42D 

10 

250 

— 

— 

— 

— 

” 



Sefl B7 

Da B7 

Bov 87 


sm c 

FI 200 

130 

230 

20 

430 

1 


iT^-irAl,a 

STf. C 

FL2US 

54 

080 

3S 

XBQ 

60 


“ 

STL C 

FI210 

100 

020 

24 

0.90 

— 

— 

" 

m c 

F1JQ5 

15 

040 






mi 

* 

5/R P 

FI^OO 

% 

140 

41 

2 

30 

340 

M 

S/Fl. P 

F1J05 

171 

360 

130 

5 

11 

620 

M 


Dc 


Mb 

88 

Jm 

W 88 



ABRBa*. 


SFI.C 

F1490 



mcm 

10 

1J.-5D 




FL20240 

SIR C 

FL2D0 

59 

Erl 

14 

650 

18 

7.40 


S/FI. C 

0405 

72 

■Li 

460 

100 

5.40 

M 

S/FI. C 

FL210 

12 

165 

Kj 

3 

3 

350 

M 

SIR C 

0415 

23 

0.70 


_ 

104 

240 

M 

SIR. C 

R220 

_ 

- 

10 

L40 

16 

Z 


S/FL P 

H495 

15 

220 

— 


4 

5.90 

M 


R 200 

42 

440 

— 




m 

A j ■ Spu 

R405 

36 

6.10 

2 

9 


KJJO 

mr 


R2Z0 

11 

1030 

— 

— 










20 

24.70 


_ 

a* 



20 

3340 

— 

— 

■9 

— 

MM 


Abu&Couuur- 
AfiedMiBkUd- 
MWMarACa. 
ABedHbBaL- 
AoerknEiviBk- 

Am Bob 

HoorAidtad»r_ 

ANZ Banfclig Grasp 10 
fessdatsC^Cov^— 10 
AiMrACoLlit 10 


% 


% 

TO 

• DratertraKBaBt 

10 

10 

tMurtllA 

10 

10 

GtyHtoatsBrak 

10 

10 

CUdtodeBak 

10 

10 

Com. 8k. K. East 

10 

10 

CflEoOfiMCRd. 

10 

10 

CfrogntetBaifc 

*10 

10 

CSmsftMirBk 

10 


DuoalMrit. 


10 




00.87 

Jan. 88 

Act. 83 


ABN C 

FI 50 

906 

UO 

195 

190 

20 

550A 

FL4850 

ABN P 

Ft.4B 

369 

120 

X 




AEGON C 

FT.95 

406 

080 

3 30 

5 

530 

FL8650 

AEGON P 

FI. 90 

550 

36 

630B 

55 

730 


AHOU) C 

FI 400 

43 

580 

_ 



_ 

FL4Q1 

AHOLD P 

F1405 

154 

6508 

2b 

7.40 

_ 

_ 

n 

AHOLD P 

FI 40940 

10 

250 



_ 


* 

AK20 C 

F)4B0 

597 

380 

149 

760 

24 

1160 

run 

AKZO P 

F1460 

195 

2 

53 

4603 

2 

5.70 

A* 

AUEV C 

H.70 

94 

050 

7 

150 



FL59j40 

AMEV P 

FI 60 

35 

250 

36 

4 

26 

5 


AMRO C 

Ft 65 

171 

Hi 

54 

7 



FL86.40 

AMRO P 

n.75 

15 

40 

130 

_ 



ELSEVIER C 
GIST-BROCX 
GIST-8 ROC. P 

F)60 
FI 50 
Ft 50 

149 

fc£ 

440 

74 

(01 

10 

950 

250A 

520 

59 

a 

loan 

350 

PLU 

R 46.40 

m 

HEINEKEN C 

FI 480 

204 

650 

2 

12 

— 



FU7750 

HEINEKEN P 

FI 480 

774 

a.40 

73 

1050 

2 

14 

HOQGOVENS C 

FI35 

46 

050 

36 

230 

6 

380 

R4760 

HOOGOVENS P 

F1.45 

814 

130 

2 

2.70 

12 

340 


KUt C 

FI 50 

433 

280 

91 

530 



R5X 

KLM P 

F155 

192 

4.90 

1 

5508 



m 

NEDLLOYD P 

FI470 

90 

460 



__ 


FI 3950 

NAT.NED. C 

FI 60 

131 

1 

104 

360 

2 

530 

F1J5 

NAT NED P 

F1.75 

205 

44 

3-70 

2 

450 


PHILIPS C 

FI5S 

312 

1 

ZSL 

250 

69 

330 

FL5190 

PHILIPS P 

F150 

32 

080 

109 

220 

2 

320 


ROYAL DUTCH C 

FL290 

236 

150 

591 

3.70 

15 

30 

R264 . 

ROYAL DUTCH P 

H460 

610 

630 

162 

9508 

24 

11 

to 

RSJ3EC0 C 

FI 440 

1 

250 

20 

350 

10 

5 

FU10 

UNILEVER C 

FL136 

416 

4.70 

47 

11 



FU34-10 

UNILEVER P 

FI 432 

836 

3 

133 

540 

— 

— 

If 



BcrteBnkAG 10 

BMBkoilMEal 10 

• 8ra«9dpky 10 

Brass Ut* Tst 10 

CLBadlhdirM 10 

tediPmuml — 10 
CnarLti 10 


EqntVI TslC'ppIc 10 

EattcrTiBtUd. 10*2 

FkncWAGeLSs 10 

RntMaLFldCorp 11 

FnLHx.Stc.Lid 11 

• MrtMgMOu- 10 

ftbert Fraser iPtrs U 

GMaA 


HFCTra*&Sa** 10 

u HartnBM 10 

Hentzble&Gea.TsL_ 10 
• IfiBSaaml $10 


G.H0M&C0- 


Huqkeng&Stas*. 
UopbBadL 


10 
10 
10 
10 
10 

• HtrsuGre** 10 

Must CnAClBA Ltd. 10 


Uttfnj&SnsUI. 

UtMBM 


% 

HatBLolltadl 10 

teaftetawztr, 10 

Korin Bnk ltd ID 

Moraidi(en.Tna 10 

PXFteM.UIIun 10*2 

Prato* Tret Lid 11 

R.RapM&5as 10 

RudinheQ'ratK 10*2 

BgpIBkidSafcad 10 

RtoTrestfiiA 10 

SMk&WtaaSRS. 10 

^ntolQurtEnd 10 

1SB 10 

UOTIIvMeEip pLl 

Hotel BkoltinaK ID 

UofedUbntfBMl 10 

IMyTratPLC 10 

WetnTnst 10 

WestmBtoDup 10 

WtemrUjOH 10*2 

YorUnBuA 10 


• itenbers; of the Accepertp 
Houses Com m Utee. *7-033 
deposits 5%. Smirk 746%. 
Top Ttee-£Z£00+ at 3 omriB' 
notice 931%. At cad wtofl 
£10,000+ icfnXns dapodted 
1 Mortgage base rate. $ Demand 
ftpa* 4.96% Mortuape 105% 


TRADING VOLUME IN MAJOR STOCKS 

The following is based an tradtog volume for Alpba securities dealt Utrou^i ttoe SEAQ system 
yesterday until 5 pm. 


TOTAL VOLUME IN CONTRACTS: 434)61 
A™ Ask B-BM 


OCafi 


F»Pot 


irteiwmi ■ — 

A flled L yo ns . — 

Amstrad 

Argrtf Errop 

Assoc. BrfL Foods— 
RAT. 

RET. 


LEADERS AND LAGGARDS 

Percentage changes since December 31 1986 based on 
Thursday September 3 1987 



Stock 

Ladbmbe 

Land Securities— . 
Legal & Gen.— 

LlojiisRaj* 

Lomtw 

Lucas 

MEPC 

Maria & Spencer — 

MkAandBaok 

Nat west Bank 

Nert- 
Pearson. 

PA0- 

PfUdogton Bros 

Plessey. 


Mining Finance . 
Publishing A Printing. 


Metals and Metal Forming 

Property — — , — - 

Overseas Traders — 

Agencies 

Gold Mines Index 

Textiles. 


Health & H'sofd. Products . 

Oils & Gas. ■ 

Chemicals. 


ContracUng, Construction. 
Shipping and Transport — 

Merchant Banks 

Motors. 


Other Industrial Materials . 
Electricals 


Leisure. 

Building Materials™ 
Packaging & Paper. 


+9745 

+7352 

+60J2 

+5600 

+55481 

+5231 

+5154 

+5157 

+494*9 

+4641 

+4508 

+4400 

+4305 

+4249 

+4136 

+4032 

+39.76 

+39.42 

+3932 

+3932 


500 Share Index. 
All-Share Index™ 
Other Groups — 
Capital Goods. 


Inbatrial Group. 
Consumer Group. 


Food Manufacturing — 
Insurance (Composite) . 
Financial Group. 


Mechanical Engineering. 

El ectron ics 

Investment Trusts — 

Conglomerates 

Food Retailing 

Stores. 


Insurance (Life) . 
Telephone Nc 
Brewers & DfstNIere . 
Banks. 


Insurance Brokers. 


+38.97 

+38X3 

+37.72 

+3704 

+37X1 

+3736 

+3635 

+3533 

+33D1 

+3201 

+3130 

+3008 

+2848 

+27.90 

+2733 

+2734 

+2617 

+2448 

+18.21 

+1036 


RISES AND FALLS 


Brtt. Airways™ 

BriLAero 

Brit. & Comm.. 
British Gas — 
BritoH- 
BP. 


Burton. 

Cable & Wire. 
Catfcury Sctmps . 
Coats) ‘ 

Comm. I 
Cons. Gold. 

Cootaon 

Couriaufals. 

DeeCorpn 

Dhmns Group 

English CMta Clays. 

Fbons — 

en. Acddat rt 

Gen. Elea. 

Glaxo. 


9,000 

469 

3400 



RolH-Royce 

Rowntree - 

Ryl Bank Scotland . 
Royal Insurance — 
STC. 



333 




Yesterday 



On Friday 



Rises 

Falls 

Same 

. Rises 

Falls 

Same 

Eritsti Funds 

20 

76 

17 

300 

118 

34 

Corporations, Dom. and Foreign Bonds 

1 

14 

41 

72 

3b 

116 

Industrials 

518 

335 

727 

1£80 

1,617 

2824 

Financial and Props 

181 

109 

319 

670 

566 

1 700 

Oils ._ . 

23 

28 

64 

115 

123 

277 

Plantations 

1 

2 

11 

5 

12 

39 

Mines 

32 

62 

9b 

244 

165 

351 

Others — 

55 

107 

6B 

297 

470 

311 

Totals 

831 

733 

L343 

3,463 

3407 

5/m 



Sedgwick 

Shell Trans... — ™. 
Smith & Nephew _ 

Standard Chart 

Storehouse 

Son Alliance. 

TSB. 



BANK RETURN 


BANKING DEPARTMENT 

LIABILITIES 
Capft^f i 


PubUc Deposits 

Bankers Deposits _^.™— 
Reserve and other Accounts 


ASSETS 
Government SecariUei . 


Advance and ocher Accounts - 
Premises Equipment & other Sea- 
Notes — 
Cola ■■■ ..— 


Wednesday 
September Z. 1987 


£ 

14,553,000 

97,219,455 

1.136^99,214 

13)1,013,906 


3^50^85375 


754333.049 

1,377^66,791 

910^68,8(8 

7,660318 

258^09 


3^485^75 


(+) or 
(-} 
for week 


PS 

07^386 


- 27B)89Q^OO 


- 132/05,000 

+ 532,044379 

- 673,145^76 

- 5,726393 

15^34 


- 270398,724 


ISSUE DEPARTMENT 

LIABILITIES 
Notes In Circulation 


Notes In Banking De partm ent . 


ASSETS 

Government Debt . 


Other Government Securities 
Other Securities 


13,492339,682 

7360318 


* 115,726393 
5,726393 


1330030Q300 


110300,000 


11315300 

0079331309 

5309,453391 


FT-Actuaries 
World Indices 

A 59-page booklet giving details of the index 
coverage and selection process, together with 
technical appendices, can be obtained free of charge 
by sending a (48p) stamped, addressed A4 size 
envelope to: 

Miss Lorraine Spong 
Financial Times, Publicity Dep a rtment 
Bracken House, 10 Cannon Street 
London EC4P 4BY 


- 151,157,783 
+ 261357,783 


13300300,000 


110300,000 


HOUDAY AND TRAVEL ADVERTISING 

19 published on 

Wednesday and Saturday 

For details of Advertising 
Rates contact : 

Deirdre Venables, Financial Times, Bracken House, 
10 Cannon SL, London, EC4P 48V. 
Telephone: 01-248 8000. Ext 323L 


Fifth 
Professional 
Personal 
Computer 
Conference 

London 

27 & 28 October 
1987 



fagtfomaOQrpteasGfmrn 



with your bustnesn card, toe 

Financial Times 

Conference 

Organisation 

Mlnstw House, Arthur Street, 
London EC4R9AX. 

Anematrvefy. 

telephone 01 - 621 1355 
telex 27347 FTCONFG 
tax 01- 623 8814 





+ -l| — twrtWiTrtnu. 

^ 0>!« ” “ 

<usm*nerc«nt 

(□-6385858 IZ7A" “ S2 __ 

107 

IS IM Fraud Managers Ltd W 

un 36 (keen 51, Larin EC4R1BH 01-2S,<2in 

W (BlBrnWriwi WUl 4*5) ]JJ 

IBltePtaiT*— — S" — J Ac 

UllwTMi ..1986 MJ9 —1.0* 

^apCBrSEHnieu «d — I Sm 

5181 

Z Keg Fund Managers Ltd (aK») 

— 3S FomOis SL MaKb^Mr M2 ZAF 

l 5 sSSKte 

IM KriGlIl&RBOIX- 
43 KerHWKrlBR— . 

1% tolnriFA. 

5.77 F* Hum.... — — wmm 

o« LAS Untt Trust Mrasagm Ltt 
mi 43 George St, EdMra^i EN23JL __,(QWa4»B 



U4 LASIrtLEmaTK 

13* LASIac&BtkTfl 

— msk. AM il c a n Enrty. . 
— LAS UK Em** TB — _ I 

- USJWL 


^ S3 

LB 


Autbmay Wletar IM Tub MpmL Ltd 
19 WMeaaia SL LrariM El 7HP 
Wrier Gvak Fd hK—( IMA 
Datom.__ZZIJiat9 


- RHMjTri 
2JB UhsnUaM 

Cent Bd.ufFm.nl Gtatcb of Earfnttt r,.,,. 

2FbrrSMcLLMitmEC2l'jA0 , m-Sfflims g ?? rt t T^ ? r . LM 

iSS "T w S am.H ...T'lbo lk no ago" 

- ~t-‘ .. 10afl0 ’ ^ Muds PmMent IMR TrasMeXhKcKz] 

, 014385678 Lenrrarttao Onft Tst Mn^art LM 

1AL Oanuca tac dm 1?. .3 1728 ] 

m CUMeAttAaelFZj «07 [ 

Oar«>>m<icAoel2_| 1333 I 

Oarlrtat An AogLZ™! DM I 

o-S Charities Official Invest. Food# 

158 2 Fore 5trrrt LurioaECZY 5AQ 

is sS=zT A& I 

m Chase Manhattan Ftod Mom Ltd 
0-M pa 8« U. Utaraa SL Lunbn K2 
SACSeceSla— JBU 

sxzr^si 


33“ 


=5 

a ws * rE -“ 

034 

L & C Unit Trust Management Ltd 
PtenyHtuc,CWdril«WLEt3R7BE v tn-SBaOD 


LM 


KJ».firi»flra. 

ana 

F.P.FMltfDtlLre 

Si 

FA SMrttffp Dtoft — 


F6. Nont Aiocricri 

FARrifieBria__™™l 




o.9B Lazard Brntbors a Co Ud 


Foods to Court* 



L9 GT Daft Ibnagurs Ltd 

^ but Floor, B P m ortke Sq, Loadeo EC2M 4YJ 


OlriaWL (012263492 jjx F&j wa al 

^wSr nui +uns sssiSmt: 

NonowatAwU JUJ 



L95 SorilCnGrik 
533 Bmc 
43S Laanl 


1 Khw St Unrinmr MM 3AH 


ArtMtd* btt Scrtl— 1 1253 


j*m «s -Mia ip 
061-B320242 CuumcfcW Uuln Trust MinapufJ 
— 5 Hete/l, 1 UriHshaft, EC3P3M DetfogdLfcBb 

I — J ORIft 


Aant Unit Trurt Mngn Ltd 

Prntn Hse, FtKrirtb SL Lorioo El 


CMtMM i*. 
bom* Had Sept*, 


ASffit 


Eta 


tuna 
CUUK1C 
Dai 

(H-Z207231 Oil 



fib ns* $& ss 

CU£bbo»: 

Mbda Quit linnpii Lid OoAta 

UMfeWrirr.2iraiSLUmrioSE128D 01-232 1415 Ctenfedenttou Fmrii Msgt Ltd (a) 

f -oj SnmUKmL 

+uj 4,94 CwriEnqu 




ClrtlUkl 

mS 

Partaa brig* 

MtrariMW 


AmcrlaaSgrtlSlH— 

Jmaa&Griort 

FVEriariGm. 


WlrinHH 

Wri* Wirt Spec Ste_J 

i? 



S ts Si 

^ m 

10 Legrt ft General (Unit Tst, MngnJ Ud 



• lMb_ 


Mtana Mrt inor 

AttaaaFdHTsl™-J 

«™» llrilt 

MriaUKCMMtiJ 
Atriaa Hlfe An. FiLJBI 
AUMaSmtMMalRI — I 


iSu 

ISfcA 

3312 




eu Qratmon Ftori Mmgas (p) (eXc) 

0142J1212 bStaoSf 


UOi -MU L» bmmEaqiu™ _|3*7 

2HU *A3 131 FuScEa^l 

3 M -02 333 |Wta>Sta*i Eiaut l! 

M M 8 CoMW IM Trtrat Itolh 


3U 

923 


Baffit Gifford A CO Lid 
3GtadMBSLEm*Urdf ■ 

btfiEnScviz szsra 

JoniE)cnHtAMi2b — MOA 
UKEimXama— *MJ 

Ni*iUD«kaa mil 

PemmnartStrtlS— 51Zll 

Hnool UKScptlS 3942 

Bt 4*—.—. Z42J I 




5«i 
5 M2 

1275 
MNM 

376i 

■ 257A 

1U7 lTSJta 
7311 7 Yf- 

i^^razsj 




81 J 


.031-2266066 



HvpSiMcA 

la Cararty Ui* Trust 
°-* a UICbeipiML toriri ECW6E0 

E B2fc=K=fiL 

OflO p 1 ” 1 ^ — JST-9 

« EsuSgB 


rllwttr), 

33 CkrteAoalKMkTiL™ 


oati ArUTlHCtf, 

FbriMTH , 

g HsaUtrlbtera I 

u 


** iS SSS^St'^d 


•UflMtaUrt 

Brttk Trust Managers Ud 
20 PtmeO SL Loodoo EGY4TY 


lUUd. 


CMriNQMI _ 

6sW Stove IhBtfzl 

Rcd^d Antrtao til _ J 
tH-7»2999 Mrtfc««o1U.__{ 
■0? 23* U—nMniTrmtCri | 

m3 1*3 rife 
29*3 ntUM MUj LO 

is 


■ TnriUl. 


■+§9 i55 


T™a_l 


Moke S Raytrigv FtacL Huttro. Bmurari &m 
Oil ZZ7300-.DriUiK| 0277 j " 


'J? 3 

Si 

S?3 

N2 

7U 

xn.9 

273 

352 

2200 

2009 

302 

403 

M 

SOA 


932* 

97 Jn 
Ml 
5U 
UU 
UJ 
77J 
U5t 
29J 
3W 
2344 
222,1 
322 
flj 
37 Jm 
_3« 


i - t&iri +0.1 in 

1853 imt +Sfl vn . 

an 2700 * +*j Sit ■*“" Asa** HIHMiurai ul 

7 M *»J « W BAM Staririf ■■lyluuit Ud 

* Ini U9t James’* PtaEe,U)MknSWl 

I £52 Jjjf « SSSMtoto 


119.7 127 Jul 

MJ 250 

UU 1*53 

3540 .3633 

5*0 . 

1702 unit 

1*57 1553 +<L7l 036 


+19 



m 





01-37*6801 Cruwo Unit Trust Services Ud 
-03 Ul Cnnm Hook, WBkhg GUZ11XW 

* SS S=J=S?r T ’— 

*U LM 

M3 3 

■Si Sg Sranftfcto.«ra 
S S£ w SglbCM L 


Ut GAMC&hute^. 

•^nisar 


Cron Nlqb toe. Tnnt_j3**l «UJ +3d 3A5 
Crew* inilToi Trt..—j M05 UU *12 — 

Crown Jome TO 1 2182 223S +03 — 

Crusader Unit Trust Mraragm LM 


'3112 

13173 

MU 

Hli. 

1455 

1541 

1450 

1*30 



SM* m 
L07 PM _ 

(UU UK bee* _ 
(U» UKGrartDUl 
** I* 


__ iL «3 5! is 3 ^ 

, « DartingtnlMt Trait MugL Ltd 

9 The Crespni, Ptjimrt PU3AB _ 07S2673B73 

"A Tori Put tWtTn las* 9L0I __T LK torn a Oift 0/1-- 

ioi Btooednsal Trust Mrarra i raurt LM rSSSSrggj — \ 

L45 lA*wn«rtr9i,Leria\WlX36F (Orif9S733 ^ts2o5Sw3Cl 


_ London W1X3&F . (04995733 
Za U* Serf Ci»prilH 7«J 15711 . 3MP3I JJ IM 

UM DbenfiMBry UaK Ftod Mapaatn 

+L3 wo UAFtodunSguRBCZAUS ^ (I 

DririABjd™. J15L9 1U2 


GAM UKSpcdllAcE 

„ GAMtLfcrirStK | 

= as&rtsa^ , 
SfflSSSu-Ssd 

_ GAM Pn A Ora UK —] 

Gnrtt Unto) Unit MugL Ltd 
MackMon Nora, 4 BMtle Bridge Li 
umbb sag nrtra ulsb 


1 „ 
053 229XM 

® s| 

«3 493 

gs m 

ma x SS3 


■Ol 070 ErtyAo: 

+07 jm Ertr toceow 
+OS Lri Em 
MU lit Far 

+OJ L92 cat 

-01 LOO Ml BoadTnri 

— 075 Jamae Treat 

•407 IS* Managed TnM 

■MU am mm 3 Resaaraes 

— 003 Wutetrirtrii 
■ Bio amiiuitTR_™J 

-L* OW UK 5PCCM&S. .1 
-1.3 0*8 
-*03 019 

« w® Uoutao AdraWstrattou Ltd 

S aO&rtolAwiLcriopECZRLK . (Q 
*OJ Lao nteM«lnn—7 .- .fma 
riU U9 iMMam :- Z »3B5S 

-2t| OjOO 

IS Uojds Bfc. IMt Tst Mngn. Ltd W 
o» Nrpk Ws (MpL tebipb^Sra Worttoi W Sew 
Demn 063400201 
apt. *u zi 
4%B +2! 

nl +03 
SLM +03 052 
754 +01 215 

+01 233 
♦LC 339 
+51 135 
-as 035 
*U> OH 

♦21 S» 

ts is 

-oi oa 
+<u o« 
+05 an 
+01 00 

__ _ _ +03 o» 

tats 


'C- jr •■■■ — 
re — ■ 





tin fin— i) 

46TJI 

*03 

*03 

7L4 

8L3 


Sfcfciu 

Da-ttaanJ 

42LS 





Da-UcnmJ 

BQ0O 

jrijgrajra 

24L0 



HraarTmt 


Da.Uaao] 

H-Awrrk^K s ten. 

486 

1203 

1373 

M3 

Pacmctbita 


HBD 


4UU 


73-3 

MU 

MLB 

HMWIWRJflllllU... 



W5 - 


•■*r 


A - 


Uto taHwHM Mutual Mwut Tit’ 


+0.4 OT« 20, CcfOoUArowe, . 

- L5S0 Qna Cap Food lac 252.9 

GMaCraFridta |<*L9 

„ Glealra Fuad lie \lOW 

LM GVn tec Food Acc, 12109 

£3 Bunenl IMt Trust 


EE2 


Bmnm ttdt Tst Magrat Ltd 
*433 8 Lu«Um,LiwIriEC360T . 056211212 

-<»» tssafesdll sd Ed (AS 

Gresham UoR Trust Mraragm 



ISIS 


on 2 Fore Streep London EC2Y5A0 

PlOTgr««liBg31_r^ UA50 1 I 71 
8*7 JO j U3 

%*. I Ijauo. 

tub to Larii~ 


5^34 St Jm SL Lond» 3W1A UT ■ 
gs Orirt BcWiritai Fd jllOl U7. 

DwnaFnrtGrikM||Mrarara 


toO-9 

j*u 

Ouart fAritaaSUi RM903 


§ 6*4. 9-17 PCirymaiarl Ud, tfopmk Hert 
£29 GnrtnEiaeawauiJMJ a 

IS g^2S?" ,G ™ U, ^' _ ' 

umM EnriiNkerl 

GrufutoM»_.__ 





a ejfr 
m S3f 

£S AernTna™. 
TrwelliaTfi 



ISSfSM 


fVBnl56BtKtadare,|MBKI«X0 (0-6589002 PrtriJIKtirtFtt 


Barfbvtaa Trusts ft) 

Hangers Ktabreort BurtagM Uorted 
ID Feadnrdi Street Lonkn B3 
01-929 0776 



bo M i nin Unit Trt I . 

03 3 Oar toma ^ EdWnyFi EH2 *CS 

.3 g , r ._ 

59 j^auSfho Ta wld jSS 
59 *»UAriMaaT*(iJJMZ3 

5i 6 DnaaMre Sq, Landn EC2M 4VE 
S3 Dealing 05426 (081 

U DutMBnwaU 

5B Fried) Grawk™_ 

la—ttorel Crnrt 

SrinOrariBIU ^ 

ML ri tu i riga i CrtTrtJaoz 

OMSBOOO MKBe rtTlSrt^ j^ 8 

knaSSnShi — 1< ... 

EFM (felt Trust Mbungrri Ltd 
046 4 BekDIe CrescML Edfnbgrgb 

»% EFMAnrrinr 

EFMf 

EFM I , 

EFMGnrtAlgsFdUj 

Emm* aw. fa , 

EFMriemnFid— I 
EFM HnaarcesFd 
maPBdflsFaad. 

EFUrtJuCA 


M as& 

« SS*"- 

(0-6210105 S3fS' 


f a 

a 

7M UmrlkM. 
014 taencaa lrim 
Royal Ex. UuK Mrs, Ltd (aXz) 
JbuMEirtungtibe^rawsLS^ 01*4«03 

1112 117.7"* 


-tow 5*7 r i | |t ,|,|- | ||||<|||| . M ■ ^ 

157 
54571 


020266266 




Gtdmtsi Mataaa Unit Trust 

hdScbritt 
53492 SjtoBw wb 
Lao 


ll Pgg: 


TagpIrairSrLCdsWJ 

ssaBm 

SlVkceMUSGmMfZJ 


S’ 




%1 ■JfS teSei 


OSL 

Ltd Unonlkdri 




't-T 1 -- 





Oto w vriee*«3Brart™J7HJ B59ri j3 


9333 FrtrtlfcftB. 

II 

a 

ja oh (Acc 

070 


230 
+fd tm 
+23 aw 

^ tgl m 

<3 073 


lIwui. 


uo Eagle Star Unit 
Sa BaURgaLChetodt 


^■UKGrartTnBtAec. 

838 UKHtsOlneTMIarl 
OJO KAmrtaTreSAaJ 


*GLB7La. 



o-UriW 

■ACewm 

H-Urttsl 

■SritFCA. 
nlkta) 




%5 
BOB 
fflj 
4711 

U2B4 

mm -rod 0L99 

759 
7Zl3 

.S7J| *73 030 

W9 UnS +73 w 

10*2 m3 +i3 oxo 

1050 liY’i . Aid onfl 

■im n la 


fn&lml 


02*2221311 EMjririOan 
14i-9 ~ S 


BaB Cmt Farad Mngt PLC 
U BMMlMd StretL Lsrin EC2M 2 
Forewarn ■— Igtj 3 



an 

. QQrj 

.... *Fidla(toc_J5« 57S R47 

=j» 

_ UwTpVUt riiw M4liq« mh UKNm 

0J5 9 Qrtrc Sum. Lee* LSI 2HA. ^ 061 236 5605 “ 

S3£m 5 uiS^ 1 - • - - - - 

(0-5685171 WdtnSL.feletb>K 



Uecm. Uriel _ 
,J» Sgoritjeaugf 
<30 HctmUn). 

_ 020 Sartnbngl 

+« wo (tanliS. 

--J *»& TVWOt. 

•" as sssrsss?' 



B24.4 

10625 

ZM9J 

U99A 

191A.1 

6761 

2DS0.9 


mi 

6JO* 


+^ isa 


a 


■‘.‘•*5 7. 




•rS, : 


HPZX7QN. 0296431480 EBaMraOZ772Z7300 



• - . r rrr* 

ri i Brntmad Cm 


WttXe) 

Brattiiood. 

Dtofcgozn 261010 


BnriiOMtMadr 

BrertaMCBIW 


BRMln (Mphta IMt Tri Magn Ltd 
5 Stan 8L lAoto ECU 90E 
• - H JS»2 


Bridge Frari Mraragm Me) 
2Q, GeplWI Avene; Lsrioa, EC2R 7 
Arttr.Cdn. In ■■■■„■ JWJ 

ft S - : I S* 


(0-4938111 mrtkHttT^n=l 

d a ftsfe*?. 

|A Egtfty 4 Law Ua. Tr. 1L (a) (c) 
^ Si Georges Hs^CawraUnSL " 

dKOriATMAec^^SEr' 

“5 UKGmlLTa kK.! 

MfferiecTaJicc , 

fittaffeSSrSte 

JtAriftaTBta 
UU FaremtTaAa™ 


MUM J 

«t 

tei 

Caa. Ciptfl 

m ft 

(tecUrtU 



23U 


0MB86DM. 

H aw 1 Lnratee PauBOuy HI 

— 1 in FACEnBanbfcT 1 

tS F*cf51S5niFd_, 

US FaCFriwri,FMd— 
L87 FACFI*dU««_ZJ 
OJB FAeialTrt ZZJ 

OC FACj ririUte Fn. 

DWhg Tm. raw. fTtar. Pita Segrertcr 209. rifW tTtt f S 

SHSEffi 





MGM UuK 

MBM Karat Heae 

KWKhc /^ 
UaaaiUMB) 
UKGre-ft 



007 

0.40 ML4 IMt Trust Tfipgnruniri 

a assM , **»4E?»««s 


ias£a =r— isi 

otiA 

a Ksss?i«£=3ff9 

356 
1302 


MLA. 

mAhae ni re HtiiL TaJ; 


Exeter FuraJ Managers LU. 



trtfc. 

13U 

au 

SEar** — 




SS 

B&*ass= 

482 

Ki 

AoiuSiiBb'^ 
iWHonnTB J 

at* 

UU 




Si, 




+& if SPo!5S^B^ 

5*7 C+rEctf jgy 


a “ 

MB I 


om y«£?'! " ,tt, » t *i Uadted 
® 52g^£|^»g7HW. 


*i.;rSb. 


i\ . 

A. . 

•vv, 


TWO 






























































































































































































CKES SdSESSSSBiCE SSISG SfiCJi S3SC2 KCECGKSS3C Gl l£i I I gi Cl KfCCeKSSCESK CCK> iKSESl US i EMCEES i EECS2 

































































































































































































































































ftjv. 





FiaaacialrTimes Saturday September 5 1987 



LONDON SHARE S'ERVfCE 



19 




FINANCE, LAND— Cont. 

Bt. j |Y1d 
Xri I Crr iCr*s 

7.451 ID I 22 

029, ft 14 

au\u 

2.71 U 1 11 


Stack 

M. Ert. CMiiM— 
»'iti Santana In !0a_ 
JiortfiSfaanwsSto ' 


American Jj 


Blorttirm 5ea 
Pacrfc Asset. Ta Wc. ’ 

Da Warrant, I 

Pantos French Iw.Ts ] 
Personal Auras lT*«p.J 
Ptaaian Tnis „_.J 
Pr«iOtfs UtUiTn—J 

'FrinBdQM J 

IPsbtm I 

, Ri^ls&IsLCao 

2?J 10’vRnrr WfrcSrtPrlbp, 

"■ ~ Do ire 53 b — .J 

PwSytiMKJfCiB.J 

wl!K.12'tf__ 

ift'AnaulS 12-;D-_. 

■ Shared Prrl. 121*. 

hewPSwW. 

>l6r.)FUG 

DO Sub^-FTT. 

jNVFllD J 

Do. Sab. Sin. FL 1 7Z1 

jRamwyTma [ 

Store*) NVFUO 

E i.&otaiTd. .4 

tomes in*Tai«_j 

Bc.Cffl ! 

Pt.IT Inc. )0p 

(SPLIT Cap lfo | 

KpRAITSOb— .„ 

1 Do.Warracts 


1 05 


I si : 55 


64 


lc7i — 
«1 = 


\m 2Ai 10123 

tiZ7XUL0 25 

, . USHTJ M 14 
Vl ICKrJu L< 
[-1 I «|M M 


T33j U 1 12 
Ft3 — 


I &5 


772 1 225 
l£d 895 ? 


034)J«« 


Do. Can P« Prd 

Global 

An In 

CibeS’A* 

.East. lav.. I 

-— J 
lot. 1a.YJimb J 

& Merc ‘A’ Sp 

Udo 4 TO. 

Matntal I 

..'•AlliMf Tst — J 

'OH 'totrl inSQp-i 

Til Scot _.. 

ires lift. 5Qp 

ImlleoCn* Ln_ 
Casta Tit- i 
■aa investments — J 

musi Jr*. Tst ! 

Australia Tnrt 

Cifiol Lanio D.'A_J 

Ind. 4 Crcrral 

Malural R&aireK.' 

Norh Arwncj ( 

Pad!* Bui 

PtOO. Ira. Tst. I 

Tettxutogy 1 

InctnCms.— 

Bar 

PaclavFd— 

BntS | 

OuaiTa Inc 

1b , 

Trust .._| 
Warrants 

USU TsSOp j 

Warrants 

r.lnvwLlm..- 
Cap. 
imrest 

fre.SOp — 
^prtsjn.. 

lm.Ta._ 

jlbwywp Trust 50p — 1 


w I 

3" I 


I+2J I 15J5| 


3* ♦ 


429 1-1 
ildLO 
23 3 1.1 
L^LO 
♦635 1-Oj 

50 LO 
h20 LOl 



11 

2L0| * 
sa02l — , 

3J* ID 1 1.4 
14.0| 12 I 7.7 

auv - «b 

IS O LS 
530.43 4 b I 0.4 
L02« — I 02 

S LSI 1.7 
♦ '3.9 
U 20 
U 2.9 
201 U 22 
♦slDf 18 05 
L4l 12 1 11 
h0.9Sl 12 1 L6 


9 61 

I L0 25 


12 LO 


H7 


_ I H13 - I Ifl 

131 l I 62.671 9 1 20 



I 09 


“ 

fill 


CVlCrtlPlE 

Is. 


39 


! p 

i (14.9 


1341 



31* 29 1 
200(117.1 


12 1 27 ML7 


15 


-1 


irMtusw Fry 10fL — i 320 L — } tL3.72) 32 ) 26 1281 



I Oo. 7Aod> 200095 J 



IBS 


Wat Home Leans 75? J 

I 0oS1^cChLb 2005 J 
newmartetSas-— I 
bream Cam. 
elOp 



TifcmmisoniJ zst 
Transccnt Serv. 50c_J 
Do. Wararss. 

TyntoU Hldgs. _ 

7C Grata— 


184 


039*21+12 


*15 


-7 


[772 


2S*i — 
135 


1-3 


Ffa l aL37fL9[L0*[7O.T 
+12 j Qff*J - M5 — 


111 31 1 13 1352 

1 16 I 

45 L5| 


" K ’Ss 


92 


I [51“ 


1 19 1579 


OIL AND GAS 



naematraa 

H 

' Energy lOcJ 
Bed Resumes HtJ 
OB 


BonenlOp — | 

P«rola^~II 

Do-tecPf.n 

iliop 

BryionOBOaslOp 
' Res IrC&ffiS 4 
Q.i. 

0aS*3«U.^%J 


IK 


n. Warrants. 

“etrole*® 

lCpnS0J3_ 
anJPet-N-LJ 
jE*twi£4 
r PetNalSa5p. 
ifaBalBrlaa- 
IHkte50p_ 

' r20e 

JAM to. 

ELF UK 121, Ui 

_ _jr Caphtd 12hP . 
L2I.C.a25,_4 
. jM 

■ CaLa-manaSO. 

uoali 


Fdwaa'sPeil 
JD81Dp._ , 

iRoAIm | 

Ida Res. 

lPn5p— 

iWeraraRefllJ 
nKesA—4 
■ OilCn— 
IParlcpts 

. U*fP9. 

Do.Upcto.U.'S? J 

IMCSOlOp 

WrtPttCrpn 

I P 

: Drilling — J 13# 


Z70 . — 

+16 

-i 


a hi . - - 




ki -f- - - 


jffl ” 


Mfll 

0®j4t 

IK 

1120 

271 

575 


owfl 


1291 9 


Perl Br*»l P/E 


l+i f H - - = 

5373— LO — 


+! 02i»« - 122 - 


02 132 - 


-A- -\* 


tQZOq — [ 03 1 — 


07.7) 


123 


OIL AND GAS— Continued 


Stodc 


! Price 


i+pH 


1987 I 

Kgb Lev I 

7* i 10 )KCA Drilling lp —I 30 

20 VKenrBte Oil Ettr.J 60 
5 ^LemindOdASl — > 8 , 

161 HisMO I 373 |+2 

155 I Do. -Op** !Qs J 252 , 

De.9HpcCoitoPi£lJ U2 L 

» iHrsaneerM Sp — I 62 . ... 
S^ttsgseGraaAlOcJ 


67 
10 
394 

Z52 

izPi loi 


s* 

30 

15 

6a 


41 


(9 

*>& - 

58 I » [nMarnwrlOo 

SgrMarBrcftPaNLH ^ 
11 IvVanrataOilSB— I 23 
3 rt JBbiw Firm 5to_J 138 
25 Pteft Lonto Oil 5p— I 44 
13 ptorsAHnSaKr 25 J £23 
23 With SeaAGtn in» J 
lb fclNBrthWestEtps. 

©jWWoRes. 

n HOiHieUlnsp.5nc.-J 


26 1 — 

1LB — 


B4 

24 

60 

47D 

14 

81 

34 

‘168 

£230 

54 

5V 
75 . 
77**. 
423 ; 

£89>4l 

344 

89 

270 

U5>4 

73 

310 

39 , 

■1*71,1 

78 

55 

140*i| 

aw 

245 

54 

320 

112 


110 

80 

218 

129 

26 

*£65 

7D4 

830 

320 

196 

123 

416 

41b 

378 

OBttl 

231 

108 

160 

157 

85 


2987 

»Bb L 



uy 


12V: jOlner Resources. „ 

3 PanPaaflcPtL 

44 kPHnOa 73 

15 MPetaaeftes. 25 

58 Pewc»il2l s _j 158 

|ES kPetrnflnaSA (£224 

19 vPrtnsea Pdrafew J 37 

y^PetTBilCe | 4*jL 


34 WPct.Pd.5a 1 78 

34 IPrtnip 


!Prt mier Com. I iUsd+’i 

" anger 0.12 I 3« 1-3 

owlDutaPtSI-J £80V..._. i 
SwtosAOJSe 314 1-6 I 
Sapphire Pet 503-..I 70s I... 

ire toll 1 241 j-6 

eU Trans. Reg I E13U-- ■ 

De-7pePf.a I ~ 



158 lS.il«Herte . 


67 


- 3U 


2J 9 


1117.9) 


12 kSoHUnaest to. 40p I 

36 Sorerttan Oil I 120 

41 SSonfUCtoaByJi! ' 75 
14l r TREper9 _l <6 

£57)^T(iiD) fip: On £95 

105 [Time Res tsa25l_j 197 

£42>jTnsl-Cie Ft Pei B J VfV-A 

74 iTrfcenDBl 

£74VTrttMmUK: 

120 rrntanEeropeSo.. 

11 kTaShar Res Ir Sp .. J 44 

162 lUtons- I 2Slrfr*7 

67 tV.VoxtsiBe A50c I 99 


— — — ♦ 


T5^ — 


OVERSEAS TRADERS 


UtrlcanLAe 

BohubI lOp 

tehtifoSUHiQp-... 

iFWa, Danes)—- 

fRm Pan re I el 

£N Great NanbcOO 

fcne-ot.Cras.El 

Rncbusea 

Knco. Invests — — .J 
(Ocean Wtsns.20p — 

Varson.2aeh.10p 

Do. VL'K-VIOb 
jPolWPMkMtllOo— I 
08. 9pcCvLfl *034)5 
iREAHtop. 


iioe Darby KS05.J 
ToterK*n&.20p-— 
DaffseCnPfHIpJ UAd... 
UdPtastsAlhtzBO 81 1+3 


93 

65 

299 

116 

22 


£4(P^ 


704 

829 

303 

191 

115 

400 

401 

1 376 1 

90 

147 


+1 


k u 

1+10 

k2 


+8 


4.9K26S 


199 

3LB 

27J 

202 


3D 
22 
22 
20 
f4.9i 
Lb 
22 
05 
16 
1 17 1 29 


Z30 


5.1(033 
1.4 


132.7 

14.9 


93 


PLANTATIONS 


70 

110 

98 

127 

140 

77 

101 


860 

£24 

485 

405 

£22 

820 


no 

OCA 

aapj 

130 

323 


Stack 1 Price 

Rubbers, Pahn 

43 tAngte'Eaa P£s«s [ 

67 IBenamlOp. 

70 Cost Plants MSD3 
70 ImlCaantlOB- 
96 Harmons Wr.PI. MSI J 
S3 Kighiands USOc — 

5S Koala Kepang MR 
52 UteftcEvmtlnv.lDp-J 


78 

107 

78 

U» 

118 

61 


M 

OR 


73 


i+l 


: 


in 

* 

0i2tj 

14 

nw 

6 

015c, 

12 

Snd 

6 

vflUW 

06 

12 

14 


840 ABanDDOBraQ 
£19 LnwEnia 
228 McLeod Russel £1 
213 Da8.4pcOrJH. 

£11 Ko«a 

560 MIUmscMia 


Teas 



MINES 

Central Rand 


625 iDartanDeepRl— 
368 East Rax) Prp. Rl. 
£54%Rao*W'o£sLR2 — 
70 5lnraer A Jack R002 
150 fwo) Band R1 




TV 
i Crr lEr*s 


33 


201 
340 
618 
£Wj 
585 

391 , 
06MB65 


144 

130 

60 , 
87+j 
165 
164 , 

V 


Eastern 

120 . . . 

ISO |fCansMBftela5c. 

240 tastDaggaRl 1 

Ol EuteroTrm.Ca.50c-] 

257 Ergo rojo. 

220 (trout* lei 25e , 


84 ^slte65c 
72 llvtnaleM125 
35 MMkr8GeldHHF-| 
27^ PRa*EntABn<50cJ 
96 5. African Ld. 35c 

85 tflakfameta 20c— 
nib ivnWtoafcRl — 

20 MOL Nigel 25e — 


-5 

+30 

-5 

-b 

-2 


Rand 
136 

2M 

535 , 
ns^ 

510 
276 , 

133 
80 

87b]~... 

134 ^ 
130 

•g* 


giood 

bB3J 

0260c 

1QBS< 

0165c 

Q380e 

060i 

QUc 




538 
£17 
343 

£184999 


914 

296 

712 

£10b| 

£19* 

£4fffl 

569 

£96 


300 jnfa»r2Sc. 


QIMjBoHdsRl 
163 PecAnil ROJO 
666 


Far West Rand 
480 1-8 
n4'J+i 
310 ^ 


DriefoMHnRl 
525 E&xfcranl tbL 20e —j 
157 EfetftrgRl 
304 )Haitete«dlOc 


485 lOoof Sold RODS J 

OObUtanonRl — 

£?7*i Sanhxaal 50c- 
375 StKhwehtSOe- 
£54), l/aal Reefs 50c_ 


£U*|4* UerrterwsRl — 

' 237 Western Areas Rl- 

£4661 QU, Western Deep R2- 
114 I 49 iZandpanlOc 


nou...„ 
£UV 
635 >15 
212 
638 
900 

KU*,l 

£40U. 
500 

£87tc]+b 
ODL. 
347 +5 
09*. +b 
114 1+9 


ttCOOd L4 
0720c 0 
tQ55c 13 
IBSSc 2-9 
0335c L4 
0130c 13 
Q26c 10 
Q140c « 
t0125c 19 
10415c 19 
IQBZOc LO 
0215c 8 
02100c 13 
IDlOd 8 
Q16c 73 
QblOc 2A 
0233d « 


484 


OZU 750 


544 

m , 

427*2 

300 ^ 

342 

640 

03*d 

S2S 


ZOO 


O.FJS. 

BeatrttMtaesO— , 

F.S. Coos. Gold 50e_J 
Free Sate Dev. 10c__l 
Hamrony 50c 


|M (HJJ Gold ROJO-J 
Do. Class A (1987) Op -J 
Ob. Oass B (1988) Op_] 

LptawRl 

EL Helen) R1 


oW 

544 >34 

£UPar~*t 


265 


630 

£12 


h-10 


065c LO 
0335c 23 
QUc 13 
T02b5c 3D 


(H50d 


Q420dL9 

Q190dl3 


18 


228 

63 

53 
53 
188 
75 
H a 
233 


178 

143 

88 


12.9 

182 

S3 

73 

82 

84 

38 

68 

42 

79 

U3 

75 

98 

1.4 

48 

84 


62 

109 

83 


005 , 

aoy 
475, 
m*J 714 
no 
£12 


Diamond and Platinum 


£52 ko*Ara.lflv.50c — 
512 DeBeers Df.5e_ 

300 


570 IrtoaaBlZbc- 
688 fas-PtaLlOc 


310 170 
28 14 

30 7 


Central. African. 

250c J 3M 

.Cot-ZS) J 23 

3B0024L— J 28 



Finance 


160 
825 , 

£80U 

£76 

64 

160 

£15 

s* 

•75 
£17 
066 , 
OB*J 
qd*3 
360 

760 , 
£77SJ 
18 
£22 
915 
115 
819 


138 . 
ziy 

395 
K . 
jjm 

125 

ao 

33 

307 


63 Wor Corpus $130 _J 

500 ADR. Ant. Coal 50c 

900 lto*o Auer. 10c— J 

£47>4 Ana. Am. Gold K 

£28 Aadtmal50c 

21 adosniGoldlto 

90 K«e Aie* Cora USSlJ 
668 jm. CoW FWdJ— | 
775 tabelRl 
670 leneor40c 


14 Jold&Baul2bp — 
875 GoUFWHsSA.5t — I 
£7lb IntogCom. R2 
£10 Middle WH Sc - 

560 dw«o5B!U.40 1 

285 MocunJi tolOp — 

400 lew Wits 50c 

0.9)4 )FS toni c - 

4 Rjal Leodon 15c 


£10b (toad Mines RLi 
300 RwlMh. Press. K-i 
30 l/pgeb 2bc .... . ■■■■-( 
475 Mh*BvGnHHIdjs50c J 


168 
648 

.gWaH* 

Ik 


£ 12 ), 

61 -Z 

£163i 


£250 

ar*, 

960 
350 
7' 
£26 
17 
£19 
625 
881 
736 


r7 


B 


hS 


(Be 
0241k 
1 0225c 
01600c 
10585c 


QS3c 

7243 

0280c 

QZ30c 

QUSc 

01500c 




33 

113 

43 

86 

28 

23 

23 

78 

78 

33 

32 

29 

13 

38 

108 

89 
3 2 
108 
t 


Australians 


15 

16 
.itS 

zni u 


130 

250 

90 

*513 

136 

153 

25 
42 
38 

162 

8 

26 
155 
188 
478 

34 

•MS 

240 

64*4 

fa? 

568 

121 

300 

92 

600 

67 


pAfro-Wesi20e. 
fACM 50:—— 


lib PAustr3lnUngM.L 

85 lAtoMtitotoliL 

♦AaneEapIn. 

♦Bihruraito 

pSsirack Mines _ 
FBttgmtaReaweaZJ 
f BondConai 


98 
128 

44 hBniwiddcSl- 
282 WCRAS2- 

i&ss- 

13 
7 

17 
38 
4 

14 
62 
59 
197 

13 


fEaRn*t20c.. 


Oden Resomns— 
SEavererMUB— 
_ VEodeaiwrSOc — 
39iJpEn(erprfceCW— 

6b H+onajth NL 

39b9Ge«E*pAMl!wali 


315 (piodepePdert RaLtd 


121 

+1 



16 




360 

„ Hl . 

f- 


43 



— 

9 


— 

— 

44 

♦2 

— 

— 

88 

65 

-2 

ZOld 

zon 

— 

18 




200 

..... 

®35c 


16 




Ufa 

-2 

DQ694C 

*4 

220 

+1 

022% 


fa4 

-1 

Q5c 

— 

456 

-H 

QkSc 

7.7 

89 

-2 


1A 

210 

-7 


— 

14 


__ 


27 


J 


22 


H 

— 

146 

+2 

- 

— 

5*jl 

-h 


— 

16 


- 


138 




174 

-1 

Z3I 


463c 

-5 



22 


mm, 

mm 

80 




mm, 

217 

+2 


mm 

50 

“+4*2 


mmm 

55 

+1 


— 

431 

+6 

QX 2l 

08 

75 



mm m 

217 


-1 

mm 

79 


Ah 

mm 

335 


-J 


58 


-1 

— 


08 


U 



MINES — Continued 

| i+ Br' Civ | _ | 
Pita * — • Kct - C+r I 
n-i . . 1 — - ! 

25 I .1 — ( — 

33 i.. i -< - 

166 1-2 - - 

50 -3 I — ! - 

164 1+2 

17 !-l 
49 i+2 

51 


Stack I 

i|Rft Pacific ni J 

_ ,'lrmnciilf Cd 20c. 

26 MDa30c 

39 kjJffln Mining 20t — 
45 MJngelto Miss 


rM 

Grt 


53 tojuiiaMwaNL ; 

5 nVKaBar a Mm 20c i 

37 RVKlBOnsGdidSl i 

32 IpKiWiener frL 25e — | 
W Hurra 25c — I 

27 fMeiabbSOc — 

« ■ 333 fUetaaa HiaeralsRJ — • 
92 1 50 PUeir2mar MUk 20e J 
162 | 65 |9MlMHidgs50c. 

9*, 

56 

60 

195 

196 
*95 
37 
39 

225 
198 
66 
26 5 
389 
60 
22 
54 
74 
642 
33 
790 
35 

13 
160 
20 
55b 
23 
67 
116 
33 
443 
350 
77 



123 jryNia Creek 20e 
54 UW Inch 


Tins 


93 

Ayer Hitam SMI 

135m 


50 

tapeagBariadUSOSO. 

78 


49 

iutar 12kri> 

153 

+3 

37 

105 

Uabyua Mng.lOc 

FetaangSUl— ... 

66 

145 


SO 

Tan^cglSP — 

170 

11MM 

105 

ITranobSMl Z— 1 

210 

L... 


a? 

Oil ~ 
-J - 

a 28 

■i ~ 

tvQ4s3o8 


! L J 

I 87 
I L7 


I t 


Miscellaneous 


►Dwniiwn 

jy Res Cora. ! 

on. Murch. 10c 


£2By Db 


^■EnpecInCIrlQp..—, 

Sieenvrtcfr Res 

Hereto Gold Mines — 
tlgSrurocfl Rei 


JHonVsukf Mining }1 J 
FMcFinley Red U*e J 
iKtoEivloratuaHJ 
VNe«SabPiatoCU 
VortbgeceCSl 


iRescniftes J 

R7Z J 

Do. 9bPcLn *95-2000 _] 
♦Thorta Res. IncJl 


hb 

260 1-5 
64 
401 
£12 
269 
£37, 

367 , 

asy 

138 
482 
135 , 

Q3V- 

£263 
36W+1 


-2 


HZ 

060d 49 

Zi z 
Q2oJ Z 

_i z 

ZS_ 
_1 - 
22$ 2.7 
091,^378 


THIRD MARKET 


1987 

High Law 


485 

56 

150 
83 

111 

46 

2B5 

103 

200 

180 

151 
200 
*b2 
41 

1B6 

83 

3» 

87 

82 

87 

153 

140 




+ or 

Dhr 


ru 

Slack 

Price 

— 

Net 

Chn 

Ertl 

UxtKBt Grow lQo _ 

425 


31 

27 

LI 

IbrrdrecAn PetlOp- 

55 



— 

— 

tUieu Ins. Broien 

150 

+B 

L3J 

25 

13 

lumuevi EnergrlOp 

66 



— 

— 

indanan tolOp — 

95 

-1 

- 

— 

— 


21 

+1 

_ 



_ 


Z13 







:uahst Corns. 5p. 

98 

+4 



— 

— 

Artiom 5p_ 

153 


— 

— 

— 

Comae Group 5p™. 
:onon Beach Up 

150 

130 

+2 


9 

04 

>own Eyeglass 5p ... 

172 

-1 

— 


tol» 


26 

-1 




mm 

Do Wanans 

18 

+1 

- 

_ 

— 

FarEaBRas.lOp— 

133 

+3 

- 




SardnerOJ5p 

83 


RL2S 

23 

21 

Inxntirit 5p,-_.— . 

32 




— 

— 

.jra Teth. 5p 

70 




— 

— 

>*it4ux} HtogsDo- 

67 

-2 


— 

— 

IbenrHaMiugs— 

75 

-1 

IX 

L9 

LB 

U PL Grtxx) ldp __ 
Unit Group-— 

140 

14M 

...... 

12.41 

R4i> 

28 

25 

24 

45 


72 


0.4 


23 

0.7 


WE 

45.7 

179 


40.7 

203 


23.7 

126.9 

88 

[338 

402 

innm 


NOTES 


Ifnlevs otherartse indicated, prims and net dividends are In pence and 
deoondaaUans are 25p- Esttouted price/ earnings ratios and conera are 
based on btest annual reports and accoiads and. wbera passible, are 
cakutoteoc 


updated 00 half-yearly figures. WEs are c 


loo “net" distribution 


basis, earnings per mare being ranvuted on preflt after taxation and 
reireHeved ACT where applicable; bracketed figures Indicate 10 per 
cere or more diflerence H calculated on "nil** dlurihutrea. Coven are 
based on **ina»inrenT** dhtrfcuUon; this c omp a res gum dtv id eod casts to 
profit after taxation, excluding rwqmona] piofhj/tosses but redudhig 
estimated extern of offsettable ACT. Yields are based on middle prices, 
are gross, attested to ACT of 27 per cent and allow lor value of declared 
distribution and rights. 

* "Tap Stock”. 

* Highs and Lows marked Has have been adjusted 10 aHo» for rights 
issues for cash. 

t Interim since bvxcased or resumed. 

* Interim since reduced, passed or deferred, 
tt Tax-free to non-resldeats op application. 

* Figures or report malted. 

V Not officially UK listed; dealings permitted under Rule S35MIU). 
i USM; not listed on Stock Exchange and compaiqr not siQjected to 
same despee of regulation as listed seewhies. 
tt Dealt In infer Rnle 535(31. 

* Price at time ol suspension. 

1 Imfcaetf dhridend alter pending scrip areVor rights Issae: cover 
retain to previous (fividend or torecast- 
t Merger bid or reorganisation In progress. 

A Hot comparable. 

f Same Interim: reduced final and tor rerkjced earnings IndfcMed. 
f Forecast iflvidend; cover oa e ar n in gs updated by latest interim 
statement. 

1 Cover allows ta conversion of flares not now ranking (nr di vide n ds 
or ranking only for restneud dividend. 

A Cover does not allow for shares which may afsu rank for dhridend at 
a future date. No P/E ratio usually provided. 

G No [wr vshiCa 

B-Fr. Belgian Francs. Fr. French Francs, ff Yield based on i 
Treasury BM Rate says vxtrinmgrd until maturity ol stock, a 1 
dvtdend. b Figures based on prospectus or other offer estimate, 
c Cents, d Dividend rate paid or pajraMe on pari ol capital, cover based 
on dMdend on full capital, e Redemption yield, t Flat yield, fl Assumed 
dhridend and yield, b Assumed dhridend and yield after scrip Issue. 
J Paytnem frim capital sources, k Kenya, m Interim higher than 
previous total, n Rights issue pereBog. q Earnings based on prellmiiury 
figures, s Drift) end and yfcW exclude a special payment, t indicated 
dhridend: cover relates to previous dividend, P/E ratio based on blest 
amum! earnings, o Forecast, or estimated anuafised dMdend rate, 
cover based on previous year's earnings, v Subject to local tax. 
x Dividend cover in excess of 100 times, y Dhridend and yield based on 
merger terms, z Dividend and yield Include a special payment: Cover 
does not apply to special p ayment. A Net efivtdena and yield. 
8 Preference dhridend passed or deferred. C Canadian. E MHitoaun 
tender price. F Dividend and yield based on prospectus or other official 
estimates tor 1986-87. G Assumed dividend and yield alter paving 
scrip andta rights Issue. H Dividend and yield based on prospectus or 
other official estimates lor 1996. K Dividend aod yield based on 
prospeaus or other official estimates for 1987-88. L Estimated 
annualised dhridend. cover and pit based on latest annual evotogs. 
M thridend and yield based on prospectus or other official estimates ta 
1985-86. N Dividend and yield (used on prospectus or other official 
estimates tar 1987. P Figures based on prospectus or other official 
estimates tar 1987. Q Gross. R Forecast annualised Addend, cover and 
pie based an proateaus or other official estimates. T Figures assumed. 
W Pro torrru figures. Z Dividend total to Ate. 

Abbreviations: dex dividend; s ex scrip issue; rex rights; aex aO; 
d ex capital distribution. 


REGIONAL & IRISH STOCKS 

The tol louring Isa selection ol Regional and Irish nocks, the latter being 
quoted In Irish currency. 

AteuylnvlOp I 

Craig & Rose El 
FkibyPVg. 5p 
Holt (Jos) 25p 
foMSdu.0 — 

IRISH 


95 

638 

112 

inns 

173 


Nat.9Yia841B9.__i £971*1+1* 


Fla, 13% 97/02 

EUVtfd 

— 

CPI HIdgs 

90 


Carrol Inds. ...... , 

175 



Dublin Gas— 

25 

+2 

HalliR.&HJ 

130 


Hertoa Hidgs. 

Uta 

+U 




tinware ... ...... 

390W 



Industrials 
Allied- Lyons. 
Ajrtiirad^., 
BAT. 


TRADITIONAL OPTIONS 

3-month call rates 


BOC Grp 

BSR 

BTR. 


Babcock. 


Barclays 

Beecham_ 

Blue Circle ___ 
Boots 1 


B°*atera^. 

Ent Aerospace 

Brit, Telecom™ 

Burton Orf ■- 
Cadburys — 

Charter Cons._._ 

Comm Unn 


Courtaulds, 

FNFC. 


Gen Accident 

GEC 

GLa 


Grand MeL 

GUSW 

Guartfian. 
GKN . 


Hanson TsL— 
Hawker Sldd. 

ICI 

Jaguar 

L£dbrgke.__ 
Legal & Gen- 
Lex Service™ 
Uoyds Bank. 
Lucas Intis, 


Marks A Spencer . 

Midland Bk 

Morgan Grenfell 


P 

40 

U 

62 

50 

17 

36 

32 

52 

52 

5Q 

30 

50 

50 

28 

32 

25 

45 

34 
AS 
32 
95 
22 

2£0 

50 

125 

95 

35 
17 
58 

125 

52 

45 

32 

45 

35 

75 

22 

45 

55 


MEi 

Mat West Bk. 

P&ODfd 

Plessey . 


Polly Peck... 
Rocal Elect. 
RHM. 


Rank Org Ord . 

Rerd Irani 

STC 

Sears 

Tl. 


TSB 

Testa 


Thorn EMI 

Trust Houses 

Tomer Newail 

Until 


Vickers—. 

Wellcome. 


Property 
Brit Land 
Land Securities . 

mepc 

Peachey——.. 


02s 

Brit Pelroleuni.. 

Sri toil — 

Burmch Oil..—. 
ChariertUil . 

Premier — 

Shelf 


Tncentrol,.™.™. 
imramar 

Mines 

Cons Gold 

Lonrta 

Rio T Zinc. 


A U taction of Options traded Is given on the 
Louden Stock Ettbiivc lU-part Page. 


13 

65 

65 

20 

34 
32 

35 
70 
5ft 
30 
16 
37 
12 
IB 
65 

25 

26 
62 
20 
42 

30 

50 

48 

40 

32 

30 

52 

10 

11 

225. 

U 

26 

125 

28 

100 


• 'k 


: y .'A . 

: r; v' # , •. 








. 20 




(p 

- & MERC/ER/ „ 


FINANCIAL TIMES 



W' yS BAUM£ ft MERCIES S 

f/ / GENEVE -'l, 

i!38GaiiduUSt.iandonW:3rdbranchg»«iI^^ ,eiB,& * ltttrijr ” 


Saturday September 5 1987 


EXPORT & SHIPPING SERVICES 


Millard" House. Cutfe; Street. Lcrdor- c ? 7DU 
Teleohorre: 01-929 2737 Telci: 8552034 


Guinness Peat rejects manager plan 


BY TERRY POVEY 

THE Guinness Peat Group yes- 
terday abondoned a controver- 
sial multi-million pound plan 
to buy in a management team to 
run Guinness Mahon, its mer- 
chant banking subsidiary. 

The deal, under which £3Sm 
■would have been paid to a team 
of eight bankers if they 
achieved certain profit targets, 

has been the subject of a war 
of words between GPG and 
Equiticorp, the New Zealand 
banking and investment group 
which has a 35.6 per cent hold- 
ing in the UK company. 

The GPG board’s decision to 
go ahead with the plan almost 
certainly provoked the New 
Zealand group into launching 
its llOp-a-share bid, valuing the 


UK company at £338m, two 
weeks ago. 

City reaction to the incentive 
scheme was universally critical 
—complicating GPG’s defence 
tactics against the hostile bid. 

GPG's announcement came in 
a terse four-line statement last 
night “ The board of GPG 
yesterday considered the impact 
of the adjourned legal proceed- 
ings on the subject of the 
management proposals for 
Guinness Mahon. In the cur- 
rent circumstances, the board 
decided to terminate negotia- 
tions ’’ with the eight-man 
team. 

Mr Alastair Morton, GPG’s 
chairman, said the scheme had 
been “ successfully distorted 
and misrepresented by Equiti- 


corp ” bat that he wanted the 
arguments over the future con- 
trol of the group to centre on 
value. 

"GPG is worth a good deal 
more than lOOp a snare” he 
said. 

An adviser to GPG said the 
management buy-in had been 
dropped because it was no 
longer possible to complete the 
deal before the contract cut-off 
date of October 81. GPG will 
be Cable to pay the eight a 
total of £lm in compensation. 

The possibility of a meeting 
of shareholders to consider the 
scheme in late October was not 
pursued at it was considered 
likely to provoke further legal 
action from Equiticorp. 


GPG has also become con- 
cerned that small parcels of 
its shares, adding up to per- 
haps 3 per cent, have passed 
to unknown or uncertain hands. 
Mr Ron Brierley, the New 
Zealand entrepreneur has a 1 
per cent holding, a firm of 
lawyers based in Hong Kong 
owns another parcel, as does 
Bank Leu in Switzerland. 

Equiticorp said last night it 
was pleased that GPG’s board 
“had seen sense,” adding that 
it remained determined to pur- 
sue the bid. 

"If it had not been foT our 
opposition this extremely costly 
scheme would have been imple- 
mented, and we may still dis- 
pute the propriety of the £lm 
compensation payment.” 


August 
new car 


THE LEX COLUMN 


sales set 
record 


Fed up with 


By John Griffiths 


Bond launches $1.2bn bid for US brewer 


BY GORDON CRAMB IN NEW YORK 


MR ALAN BOND, the 
Australian brewing magnate, 
yesterday pulled the ring tab 
on the sealed business of US 
beer making by submitting a 
SI -2 bn (£730m) takeover offer 
for G. Hetieman, the Wisconsin 
company which has swallowed 
numerous regional producers 
and is the fourth largest in the 
industry. 

The $38 a share cash bid 
from Bond Corporation Hold- 
ings, winch h as the Swan and 
Castle maine XXXX brands, 
pushed Heileman’s shares $?£ 
higher on Wall Street by lunch- 
time yesterday to trade at $41| 
— suggesting a market belief 
that others might join the 
surprise party. 

Bond itself drew attention to 
the audacious nature of the 
move by pointing out that 
Hedleman produced about 18.7m 
hectolitres of beer test year — 
roughly the total Australian 
intake of what Foster’s, the 


Bond group’s main domestic 
competitor, likes to call “the 
amber nectar.” 

Elders Brewing, the Foster’s. 
Courage and Carling Black 
Label producer which Mr John 
Elliott’s Elders XXL is to 
launch on the London market 
next spring, was named anune- 
ddately by analysts as a possible 
rival bidder. 

Elders has no significant US 
beer operations and the national 
industry has seen little foreign 
incursion through acquisitions, 
although imports have been 
creeping up. In one of the few 
acquisitions. Bond recently 
bought Pittsburgh Brewing, a 
regional producer about 100th 
the size of Hedleman. 

Mr Boud has also been active 
elsewhere in the US. Last 
week Dallbold, his Perth -based 
family company, agreed to pay 
$500m to Fluor of California 
for control of St Joe Gold, a 
medium-sized ™niwg group. In 


Australia he bas raining and 
property Interests and a oewly- 
acquared television network, 
Channel Nine. 

Hetieman, which was avoid- 
ing all comment on the bid 
yesterday, has grown by 
acquisition over the past ‘ 15 
years. It started as low as 3lst 
in the Industry rankings. Mr 
Bond drew attention to the 
groups’ sa mfifari ties in a letter 
to Mr Russell Cleary, HeSe- 
man’S *’*w»irm»n. 

“ We’re builders, as you are," 
he wrote. “ Bond Brewing is a 
leader in developing foreign 
markets. Together, Bond 
Brewing and KeOeman would 
be the fourth largest brewer 
in the world, enabling it to 
exploit markets beyond either 
of our reaches.” He promised 
to retain Heileman manage- 
ment while using the company 
to introduce Bond products into 
the US. 

Hetieman made net profits of 


$48 -3m last year from sales of 
$L17bn, all but $218, 6m of it 
in beer. Its main other busi- 
ness is in baking and snacks. 
Its share of the US beer market 
has declined over the past three 
years, however, from nearly 10 
per cent to under Si per cent 

The industry is dominated 
by Anheuser-Busch, brewer of 
Budwelser and thought by 
analysts to be too big for a 
predator to tackle. It and 
Miller, owned by Philip Morris, 
control more than 60 per cent 
of the marke.t The closely 
held Stroh ranks third. 

Sales by US brewers are 
expected to remain fiat this 
year, in part reflecting the 
success of fashionable imported 
lines aimed at the youth mar- 
ket Mr Bond, himself well 
known because of his victory 
four years ago, ds believed to 1 
in the America’s Cup yacht race , 
be looking at oppOTtunities in 
that sector as well. 


NEC to manufacture mobile phones in UK 


BY DAVID THOMAS IN LONDON AND YOKO SHI BATA IN TOKYO 


NEC is to become the first 
Japanese company to make 
cellular mobile telephones in 
Britain for the booming UK 
market 

The decision is partly in re- 
sponse to an inquiry launched 
by the European Commission 
in July into the alleged dump- 
ing of Japanese and Canadian 
mobile phones in Britain. 

It follows a spate of recent 
announcements of other 
Japanese investments in 
Europe, initiated partly by 
efforts to avoid anti-dumping 
duties. 

Panasonic, the other Japanese 
group with large UK sales of 


mobile phones, is also studying 
the possibility of manufactur- 
ing the instruments in Europe. 

NEC is to begin making 3,000 
to 4,000 mobile phones a month 
at Telford. Shropshire, next 
summer. Only last week the 
company said it intended to 
make printers in the town. 

It began producing video re- 
corders there earlier this year. 

NEC is investing £5 3m in 
manufacturing operations ' at 
Telford and up to 900 people 
could be on its payroll there 
by the early 1990s. 

NEC is considered by observ- 
ers to be one of the three mar- 


ket leaders in mobile phones 
in the UK. along with Pana- 
sonic and Motorola of the US. 

Mr Toshi Yamafuji, assistant 
managing director for NEC 
business systems (Europe), said 
his company had sold more than 
50,000 mobile phones in the UK. 
The number of subscribers in 
Britain’s two cellular networks, 
launched in 1985, is more than 
200.000. 

The EC’s anti-dumping in- 
quiry was initiated by Motorola, 
one of the few companies mak- 
ing mobile phones in Britain. 
Motorola alleged that Japanese 
suppliers ' — including NEC, 
Panasonic, Mitsubishi, Japan 


Radio (JRC) and Kokusai Elec- 
trics, and Novatel Communica- 
tions of Canada-— were dumping 
mobile phones in Britain. 


Mr Yamafuji said the anti- 
dumping inquiry had speeded 
up NEC’s decision to manufac- 
ture in the UK. He added that 
NEC was confident of the qual- 
ity and efficiency of UK manu- 
facturing, including compo- 
nents. 

NEC said it was too early to 
announce how many new jobs 
the mobile manufacturing ven- 
ture would create or what per- 
centage of components would 
be sourced locally. 


Investment trust restructures to fend off predators 


BY NIKKI TAIT 


NEW CAR registrations for the 
UK in August exceeded the 
400,000 level for a single month 
for the first time, as buyers 
sought the new E registration 
prefix. 

The 407,333 registrations, 
I which set a record for the 
second successive year, repre- 
sented a rise of 6.57 per cent 
on the previous August, when 
the comparable figure was 
382,215 new cars. 

The traditional August sales 
surge, which was stronger than 
the industry had expected, 
lifted sales for the year’s first 
eight months to 1,459,719 — up 
4.86 per cent on the comparable 
period of 1986. 

Only a totally unforeseen 
development would prevent the 
full year’s sales setting a 
record for the third year in 
succession. Just over 1.88m 
cars were sold in 1936. 

In spite of yesterday’s indus- 
try euphoria, however, fore- 
casts in some quarters that de- 
mand could climb to 2m sales 
remain unlikely to be realised. 

Although the month was 
dominated by private buyers, 
many of whom favour European 
or Japanese cars, statistics from 
the Society of Motor Manufac- 
turers and Traders show that 
the market share held by im- 
ports fell by more than 4 per- 
centage points, to 5443 per 
cent, compared with August 
last year. 

This was primarily the result 
of Ford and VauxhaH/Opel 
sourcing a ri gniswintly higher 
percentage of their sales from 
UK plants, and of the growing 
sales success of Peugeot Tal- 
bot’s 309 model, which Is built 
at Ryton, near Coventry. 

The society's figures count as 
British the 5,466 Nlssans 
registered last month, which 
had been assembled at Nissan’s 
Sunderland, Tyne and Wear, 
plant. However, under Nissan’s 
agreement with the Department 
of Industry these cars are still 
treated as imports and are de- 
ducted from Nissan's import 
quota. 

The Nlssans would increase 
last month’s total imports per- 
centage by only 1.34 percentage 
points, however; 

Last night Hr Anthony 
Fraser, the SSHTs director 
general, said the society was 
encouraged by the growing 
share of sales taken by UK- 
produced cars. 

Ford remained the clear UK 
market leader. The Rover 
group was a distant second, 
with its market share just one 
percentage point ahead of 
VauxhaU’s. 

Big three ear makers, Page 4 


the dollar 


f i 

l i i 

I I * 


Perhaps Mr Alan Greenspan 
has been taking lessons in cen- 
tral bankersMp from the UK. 
A rise in interest rates in the 
face of a sliding currency is 
cl aimed to be a way of heading 
off domestic inflationary pres- 
sures. And it is timed the week 
before a set of trade figures 
which might now be expected 
to be worse titan the market 
had earlier estimated. Yet the 
half -point increase in the dis- 
count rate — Mr Greenspan's 
first visible action since taking 
the chair at the Federal Re- 
serve — was a rather nervous 
start compared with the UK 
base-rate rise last month. The 
dollar’s response was ‘so what?* 
And US bonds and shares are 
more concerned with the dol- 
lar’s fall than with the interest- 
rate effect on the economy. 

Mr Greenspan may hope that 
his move win help him 
persuade Japan and West Ger- 
many to concede something on 
their interest rates to help with 
the problem. He is 

meeting their representatives 
this weekend in Basle. 

Happily, sterling escaped the 
dollar whirlpool tills week and 
the UK equity market, too, has 
been more resilient. Worse- 
than-expected trade figures were 
shrugged off, as was the sharp 
drop in official reserves. The 
inability to look beyond the 
next set of statistics seems to 
have been overcome. People 
can talk cheerfully about funda- 
mentals »gnin. Maybe it is even 
tire start of an autumn rally. 


Index rose 7.6 to 1782JL 


Ladbroke 

Share price relative to 
FT-A Afl-Share Index 



Ladbroke /Hilton 

If s a small world and seems 
aS. tire smaller when on any 
street corner yon can buy a 
Coca-Cola, or a McDonald’s 
hamburger. Such global brand- 
names offering a sense of 
security to lost travellers are 
also the aim of tire corporate 
worid and Ladbroke ’s desire to 
possess tire Hilton hotel name 
— outside tiie US — was strong 
enough for It to risk ruining 
its share-price performance for 
months ahead and perhaps even 
opening itself to a bid. 

Fortunately for Ladbroke — 
or possibly thanks to the effort 
put into explaining tire deal to 
the City' — yesterday's £254m 
rights issue left tire shares up 
2p at 441p, not down. The deal 
can certainly be made to look 
a reasonable one if at first sight 
the price in historic-amritipJe 
terms looks high: just switching 
Holton to UK accounting 
standards will add a few miMon 
to profits, let alone the benefits 
of putting tiie chain into the 
hands of a hotel group, not an 


airline; there should be scope 
to improve occupancy rates 
when Hilton is not just the 
home of Americans abroad; 
further, whacking up the prices 
in Ladbroke’s easting hotels 
simply by changing the name 
from Dragonara to Hilton 
demonstrates just why branding 
is so alluring. 

So. in spite of a touch of 
dilution, ladbroke should still 
be showing a good rise in earn- 
ings next year and a multiple 
in the low teens. While brokers 
are generally agreed that the 
shares are cheap, unless fund 
managers do, too, Ladbroke 
may find itself a tt ra ct in g 
another sort of investor. Alter 
all, Ladbroke already has its 
peripheral activities on the 
market and its mainstream 
divirions are each eminently 
saleable with its hotel opera- 
tion cow the envy of' the world. 


& Law's rather staid ma n a g e- 
meet team. This is debatable. 
A 20 per cent per annum 
growth in dividends over tiie 
past dedade is nothing to be 
ashamed of and the 'group’s 
policyholders have fared better 
+hnn most. Further,, the belief 
that Mr Brierley can translate 
his own entrepreneurial invest- 
ment style to the benefit of 
Equity & Law’s £3-5hn portfolio 
is questionable given all the 
various official safeguards 
which surround the activities 
of any life company. Even so. 
Equity & Law wfll find it 
difficult to ignore Mr Brierley. 
He has spent close to £10Om 
for his 2W.B per cent stake and 
can afford to wait. Hie group 
does not have the time or 
money to escape by turning 
itself int oa mutual company, 
and the hostile presence of such 
a large shareholder can earilny 
distract even the most confi- 
dent management team. It 
looks as if Mr Brierley is 
waiting for a white knight to 
emerge. 


i ■ 


Bine Circle 


Brierley /Equity & 

Law 

OCEAN Tra sport & Trading; 
Molins and, now Equity & Law. 
Mr Ron Brierley, one of the 
wealthier antipodean corporate 
raiders , lo ves taking potshots 
at the UK corporate establish- 
ment and the Initial assessment 
of his hostile bid for Britain's 
20th-biggest life-insurer is that 
it has about as much chance of 
succeeding as his other abor- 
tive bids. 

The 365p offer was pitched 
at a measly premium to the 
market and yesterday’s 37p 
jump in the share price to 
387p indicates that he will have 
to dig deeper in his pocket if 
he really wants to own the 
group. He claims he can do a 
better job for policyholders 
and shareholders than Equity 


Blue Circle’s 40 per cent rise 
in pre-tax profits in the half- 
year ought to look even more 
creditable in the light of the 
sharp drop in US onmingo 
However, the US hole only 
sw»ms to draw attention to the 
hazards iff doing business in 
an internationally-traded, price- 
sensitive commodity. Add to 
that the fears that the climb 
in US interest rates has only 
just begun and a repeat of tiie 
20 per cent share-price out- 
performance of the past year 
looks sadly out of the question. 

The company has been 
doing most things right but 
whether the heavy cost-cutting 
in the UK amounts to a single 
step-change — already discounted 
— or passage on to a’ rising- 
earning’s escalator continues to 
depend, in part, on how it 
broadens its base. The finan- 
cial position — with gearing 
down to 17 per cent— could 
certainly take the strain of fur- 
ther diversification, especially 
as the expensive modernisation 
programme is now almost 
complete. The difficulty Is that 
many of the obvious routes are 
blocked by the fear of upset- 
ting customers. That has not, 
however, stopped the property 
division powering ahead and, 
unless the whole: UK building 
sector suffers a sharper drop 
than expected. Blue Circle 
should comfortably sustain its 
current rating of 1L5. Even 
the slip in market share in UK 
cement will only become a worry 
if the price war comes. 




SCOTTISH NATIONAL Invest- 
ment Trust, a £350m fund which 
is part of the Gartmore stable, 
yesterday joined the lengthen- 
ing list of trusts taking pre- 
emptive action against potential 
predators, with one of the 
largest and most innovative re- 
structurings to date. 

In the ‘process it will intro- 
duce a new security in London 
— a “ zero dividend ’’ preference 
share, where investors see a 
pre-determined return (1L3 per 
cent a year) delivered solely as 
capital gain, rather than as more 
highly taxed income. 

Scottish National intends to 
turn itself into a "split-level" 
fund in an attempt to eliminate 
the traditional trust “ discount " 
— the difference between an 
investment trust’s share price 


and the value of its underlying 
assets. 

Split-level trusts, which offer 
investors a choice of capital 
or income shares, have been 
around for more than 20 years 
and the past 12 months have 
seen two other funds convert 
to split-level status. However, 
Scottish National win become 
by far the largest split-level 
fund, almost three times the 
size of its nearest rival. 


Moreover, tiie scheme will 
break new ground by offering 
shareholders four classes of 
share in exchange for their cur- 
rent one. The new income 
shares will enjoy the bulk of 
the fund’s revenues and also 
have a small participation in 
the trust’s capital growth; the 
capital shares will be entitled 


to the bulk of the capital im- 
provement; and the “stepped 
preference shares” will offer 
a predetermined mix of both 
capital and income growth. 

The new feature in the “ zero 
dividend ” preference share. 
Inintially, holders of these 
shares will be entitled to XOOp 
when the trust is wound up in 
1998, but tills amount will in- 
crease on a monthly basis, in 
effect paying a return of 1L3 
per cent a year. By the wind-up 
date, investors should be en- 
titled to approximately 325p a 
share. Although this Is effec- 
tively a roll-up instrument, the 
trust’s directors say they have 
been advised that it will attract 
only capital gains tax. 

To implement the scheme, 
Scottish National will first set 
the winding-up date, and then 


have a scrip issue to that asset 
backing of each share is re- 
duced to 100p. With current 
net asset value at 495p, this 
is roughly equivalent to giving 
shareholders 10 new shares for 
every two held. The new 
shares will then convert into 
the four classes on a five in- 
come; two capital; one stepped 
preference; and two zero divi- 
dend preference basis. Because 
of their variance income and 
capital entitlements, all types 
of share should start trading 
at 96p-104p, thus eliminating 
the discount. 

Scottish National shares, up 
21p yesterday are now on a 
8.6 per cent discount Over 
the past 12 months, however, 
the figure has been as wide as 
20 per cent and over the past , 
five years. 33 per cent j 


Continued from Page 1 

Rust 


CHIEF LOHDOH PRICE CHANGES YESTERDAY Peace mis SlOH Continued from Page X 


(Prices in pence unless otherwise Indicated) 

rises Midland Bank 500 + 20 

AMEC 362 + 9 Pearson 783 + 15 

Abbey Life 290J+ 10* Plessey 194 + «* 

Assoc British Foods 366 + 10 Reed Intnl 554 + 11 


RISES 

AMEC 362 + 9 

Abbey Life 2904+ 10* 

Assoc British Foods 366 + 10 
Barham Group ...... 251 + 16 

Bellway 285 + 9 

Berisford <S. & W.) 348 + 12 

Calor Group 458 + 16 

Dalgety 393 + 11 

Davies & Mtcalfe A 113 + 15 
Equity & Law ...... 387 + 37 

Guinness 365 + 10 

London & M" Chester 345 + 19 
Ms earthy 538 + 28 


Refuge Group 574 + 17 

Sxnallshaw (R.) 175 + 35 

Taylor Woodrow ... 435 + 20 
Williams (Rex) ... 116 + 18 
FAILS 

Treas lljpc ’01-W £109*- * 

Barclays ..... 550 — 13 

Collins (William) A 728 — 10 
Sedgwick Group ... 290 — 14 
TI Group ............ 416 — 17 


WORLDWIDE WEATHER 


hunters to the Gulf. The Cabi- 
net will make a final derision 
on the matter next week. Bel- 
gium, which has also been con- 
sidering such a move, may now 
come under additional pressure 
to follow suit. 

The Italian move means five 
navies from outside the region 
wffi be in the Gulf. The US 
already has about 30 warships 
and more than 15,000 military 
personnel in the region; Britain 
and France are boosting their 
relatively small naval patrols 
with minesweepers and, in the 
French case, with an aircraft 


carrier; and the Soviet Union 
has several vessels there, includ- 
ing minesweepers. 

No departure date for the 
Italian warships was announced 
yesterday but preparations were 
expected to begin almost imme- 
diately. 

The composition of the task 
force was not revealed but ac- 
cording to the Defence Minis- 
ter it could include a contin- 
gent of about three Lerlci Hass 
minesweepers carrying 40 men 
each, a support ship with 113 
ment, two frigates with 225 men 
each and possibly a submarine. 


Defence Minister, was retired 
and Marshal Alexander Koldu- 
nov, Commander-in-Chief of Air 
Defence, was dismissed as a 
result of the episode. Diplomats 
say that another 18 generals 
have been retired less publicly 
and there has been strong press 
criticism of the military. 

The fierceness of tiie attack 
on the armed forces for failing 
to stop Mr Rust made it unlikely 
that the authorities would dis- 
miss his escapade as a student : 
prank and allow him to return 
to West Germany without a 
trial 

In a plea of mitigation, Mr 
Vsevolod Yakovlev, Mr Rust’s 
lawyer, claimed that his client : 
was an idealistic but naive 
young man who did at realise 
the consequences of landing in 
Red Square. u Here was no 
espionage, no adventurism and 
there were no young women. | 
Girlfriends are boring for him,” 
he said. 

It has still not been explained 
how the vast Soviet Air defence 
organisation, with 630,000 men 
and 2,250 aircraft, did not stop 
Mr Rust reaching the centre of 
the capital 

The prosecution underlined 
that -!e j.bq cocue close eniugn 
to Sheremetevo International 
airport at Moscow to endanger 
civilian planes but air traffic 
control appears not to have 
noticed him on radar. 


Yxjr 


best 


? ■ V 


OPTION. 


AJiccIo F 
Algiers S 
Am sdm. F 
A thorn S 
Bahrain F 
Banina, S 
Ballast C 
Bslgrd. S 
Berlin S 
Blarris C 
Bmghfn. C 
Blackpl. F 
«*. 4‘rea 
Bombay F 
riordx. F 
Boulgn. F 
Bristol C 
Brussels C 
Budpsi. S 
Cairo S 
Cardiff F 
Cspo T. S 
Chicago! S 

Cologne C 
Conhgn. F 
Corfu S 


Dallas 
Dublin C 
Dbrvnk. S 
Ednbgh. S 
FflrO S 
Flennca F 
Frankft. 5 
Genova F 
Gibraltar C 
Glasgow F 
G'msey F 
Helsinki F 
■f- Kong S 
nnsbrfc. F 
Invmsc. R 
l.o. Man S 
Istanbul F 
Jersey F 
Jo'burg S 
Leeds F 
L- Pima. S 
Lisbon S 
Locarno F 
London F 
~ Ang.t f 
Luxmbfl- F 


Madeira 
Madrid 
Majorca 
Malaga 
Malta 
M'ftiatr. 
Mfllbne. 
Mx. C. 
Miami! 
Milan 
MoAUl.t 
Munich 
Nairobi 
Naples 
Nassau 
Nwcstl. 
N Delhi 
N Yorkt 
Nice 
Nicosia 
Oporto 
Oslo 
Paris 
Peking 
Parti 
Frag 


V'dsy 
midday 
•C *F 
F 26 n 
S 26 79 
F 23 
S 26 W 

F 28 B2 
n 18 81 

C IS S3 


F 28 73 
F 3 19 
R 13 65 

F 23 73 
F 27 SI 
F 30 88 


C 16 61 
S 31 83 
S 16 B1 
S 28 79 
F 27 81 
23 73 
13 55 
19 6B 
27 81 
19 88 


Reykjvk. C 
Rhodes S 
Rio J’o 
Rome F 
Selzbrg. F 
S Fciect F 
i Seoul F 
Slngepr. S 
1 S'tiago 
Stckhm. F 
Strung. F 
Sydney S 
Tangier F 
7*1 Avhr F 
Tenerife F 
Tokyo C 
Trento! S 
Tunis S 
Valande F 
Venice S 
Vienna & 
Warsaw S 
Wshgint F 
Wellgtn. F 
Zurich F 


Discount r3te C3iscd Continued from Page 


Traded options are the fastest growing markets in 
commodity and financial futures for good reason. 

They offer high profit potential yet risk is limited. 

To these advantages GNL, as leading U.K brokers, 
adds the expertise and up-to-the-minute information of 
its Traded Options Desk and Options Bulletin Service. ■/-' 

■ Call us on 01-378 7171 or post the coupon fora, free 
copy of our Options Guide and latest Bulletin. 


'4M • 


C— Cloudy. Dr — Drizzle. F— F*lf. Fe— Fog. H— «»+ ff-Raln. 
S— Bunny. SI — Sleet, Sn— Snow. T— Thunder, 
t Noon GMT wmporatures. 


tion revised its forecast for the 
1987 Inflation rate from 3.8 per 
cent to 4^ per cent. But Mr 
Beryl Sprmkel, chairman of the 
President’s Council of Econo- 
mic Advisers, described infla- 
tion fears as “ exaggerated.” 

For the past two weeks the 
dollar has taken a battering in 
the markets. Analysts said the 
absence of any firm statement 
by officials had contributed to 
bearish sentiment. This week 
the US Trade Representative, 
Mr Clayton Yeutter, said ear* 
lier Administration forecasts of 
a $20bn to $3Qbn fall in the 
record S156bn trade deficit were 

at risk,” 

Analysts said that the state- 
ment appeared to be an effort 
to talk down the dollar before 
this month's International Mone- 


tary Fund meeting in Washing- 
ton. noting that it was not 
accompanied by any major Fed 
intervention to prop up the 
dollar. 

A floor representative for 
Drexel Burnham Lambert Inc’s 
futures trading in Chicago said 
yesterday; “ Unless we hear 
from Baker (US Treasury Sec- 
retary) or Greenspan about 
what the heck they want from 
us, we’re going to sell the 
dollar until it bleeds.” 

European central bankers 
interpreted the move as 
signalling both foe Fed’s con- 
cern to damp down inflationary 
pressures in the u$ economy 
and as a signal from Dr Green- 
span that he was not prepared 
to see an uncontrolled foil in 
the dollar. 


It was seen as reflecting the 
upward trend in international 
Interest rates over the past few 
mouths as tiie pace of price 
rises has accelerated. Higher 
oil prices and some strengthen- 
ing in the international com- 
modity markets made such a 
trend inevitable, 

European financial markets 
were unimpressed by the rate 
rise, citing a bleak outlook for 
the US trade deficit as a con- 
tinuing force of pressure on the 
dollar. 

The dollar closed in London 
at DM1.795, only fractionally up 
from DM1.7935 on Thursday, 
and at Y14L70 against YMl.Q. 
The pound, which had bene- 
fited for much of the week from 
the dollar’s weakness, lost 0.4 
cents to close at 31.654. 



FREE OPTIONS GUIDE AND BULLETIN — — 


Tb= M^Evai^GNT LiA, Cdkchurth House, 1 London Bridge Walk, 

^?^ SE12 ^ X .?^P”: 0 k 3 - 7 i? 17 > 


37 Hffl Street, St Hefcct, Jersey, CL Telephone: 0534 7966L 
Hease scad my free Options Guide and latest Bufletm. 


•* .o C, 


ADDRESS. 


GNI 


.V; I $/***. 


FIRST IN FUTURES 


to*-: 

* -i. 


GNI LTD, WITH OFFICES IN LONDON AND JERSEY 
IS A MEMBER OF THE GERRARD AND NATIONAL GROUP. 


Member AJULD. 











Financial Times 


WEEKEND FT l 




h,h 


m 


Saturday September 5 / Sunday September 6 1987 


• 

! v, 

prs&S 

“€ >■ 
Wa|T 
Mr fc? 


iiy-!rj£ 

ua £-J 


MARKETS • FINANCE &THE FAMILY* PROPERTY* TRAVEL* MOTORING ‘ DIVERSIONS • HOW TO SPEND IT* BOOKS • ARTS r . TV 


Unnatural selection 


T HE NEXT tune Mrs Thatcher 
and her fellow European leaders 
want somewhere different to 
hold an EG summit they might 
like to consider using- Olivier 
Laudoyer's laboratory. 

His work-b ench-cmn-test-tube consists 
of 125 acres of rolling Picardy country* 
side about 40 miles north of Paris. If 
Europe's politicians and government 
officials don't object to a bit of mud and 
some fairly primitive telecommuni- 
cations, it would be a very fitting place 
for the EC Euro-circus to pitch its tents. 

Monsieur Laudoyer's "laboratory" is 
a genetic research station where half a. 
million different strains of hybrid wheat 
are being developed. A visit there would 
concentrate minds wonderfully on .the 
number one problem of agricultural 
overproduction that will face both 
Europe and the world in the 1290s. For 
the revolution in biotechnology now 
looks set to change the Common Agri- 
cultural Policy from farce into tragedy. 

Olivier Laudoyer is the research 
manager of HybriTech. a joint venture 
between chemicals giant Monsanto and 
one of France's Reading plantbreeders, 
the Co-operative de Pau. He is a burly, 
weatherbeaten man who, portable com- 
puter in one band, spade in the other, 
would seem to epitomise the new breed 
of biotechno toglst bent on transforming 
the nature of agriculture. 

HybriTech’s . target Is super-yield 
crops that will push fanners' cereals 
harvests up by some 20 per cent. 
Laudoyer says that several hundred; of 
his new wfacpt strains in fact already 
offer that sort of yield, and that the 
hunt is now on to refine them to resist 
particular diseases and climates. The 
real goal, he adds, is to use gene-spttcing 
techniques to develop cereals that are 
resistant to particular herbicides. In 
this case, Monsanto's herbicides. 

“ The new hybrid strains of tomorrow 
win be like a Ferrari compared to 
today’s 2CVs,” explained. Laudoyer. 

He is understandably reluctant 
to put a date on the market launch 
of either HybriTech's hew high-yield 
wheats and barleys or those of his 
competitors. "Perhaps within several 
years, perhaps not until - the mid- 
Nineties.” .. ./ 

The timescale might still be unclear, 
but what is evident is that the work 
going on with hybrid cereals is just 
one part of the accelerating bio* 
revolution. Elsewhere, the biotecb- 
nologists are OBBting'siiob strange and 
unsettling novelties as hybrid animals 
and tissne cofthre plants tbat^raw not- 
in fields but In. fermentation vessels* " 


FOR THOSE of ns who have suffered 
through -this year's dismal summer in 
northern Europe, and have been watch- 
ing the combine harvesters grapple with 
sodden crops; 3t can be hard to grasp 
that it is glut that threatens farmers 
most; not poor harvests. '. 

In any case it goes agtfnst the grain, 
as one might say, to worry about the 
problems created by plenty. Yet if 
market forces were lo be unleashed 
in the Arm sector something like two- 
thirds of Europe's 8m- farmers would 
go to the wall. And that's before taking 
into account the extra pressures being 
engendered by biotechnology. 

The scale of the phenomenon is best 


Developments in 
biotechnology are 
leading to a 
farming revolution, 
says Giles Merritt 


illustrated by a look at the advances 
being made in agricultural productivity. 
During the past year or so the bio- 
revolution has begun to spin-off 
significant new developments in areas 
of agriculture that are far apart These 
include*. 

#. A gene-splicing breakthrough that 
could shortly revolutionise the 
economics of dairy farming Within a 
nutter of months, the first commercial 
sales will take place of bovine 
somatotropin (BST), a genetic growth 
hormone that offers increases in tniifc 
yields of 15-20 per cent without raising 
feed costs. It looks as if BST, versions 
of which have been developed by multi- 
national corporations like American 
Cyan amid, Eli Lilly, Monsanto and Up- 
john. will go on sale first in Britain 
and Italy by early 1988. 

• The first man-made animal to be 
capable of breeding. Scientists working 
for the US government’s Department of 
Agriculture have recently bred from a 
pig that has the growth-hormone gene 
of a cow. The animal is grossly de- 
formed, crippled by arthritis and 
expected to die prematurely before even 


Duplication techniques 


reaching the age of two. It is a boar 
with extremely short legs, cross-eyes 
and a strange wrinkly rust-coloured 
skin. Much more to the point, though, 
the new strain of pig is very fast grow- 
ing and its meat is low in fat. 

• Calves can now be "harvested” from 
cows at a greatly increased rhythm. 

' thankt* to e mb ryo duplication techniques 
that enable a single cow to produce 
twin calves five times in a year. Work 
is also under way, backed by EEC 
funding; on altering animals' reproduc- 
tion eycles. Other areas of development 
include .embryo, transfer -and predeter- 
mination of sex. 

• Genetic researchers have identified 
a chicken g row t h hormone that could 
drastically cut the time needed to rear 
broiler fowl. 

• ' The idea of creating a “ square 
tomato’* that would stack easily in 
warehouses is a longstanding joke 
among biotechnologists, but the 
tomato is in fact undergoing intense 
development The Pomato was the first 
hybrid plant to be created, when in 1978 
researchers combined a tomato and a 
potato under laboratory conditions. Now 
a New Jersey company. DNA Plant Tech- 
nology, has developed for Campbell's 
Soup a new strain of tomato that is 
specially high in solids. 

• Industrial tissue culture techniques 
may soon eliminate the need to grow 
whole plants in order to obtain com- 


modities like dyes, flavours, fragrances 
and natural drugs and chemicals. Bio- 
tech specialists, notably the UK company 
Plant Science, are already producing 
items such as digitalis, opium, ginseng 
and pyre thrum by culturing root ceiig 
in a fermentation vesseL 

• Even the extremes of the weather 
may yet be tamed by the biotech- 
nologists. A Californian company, 
Advanced Genetic Sciences, Is experi- 
menting with genetically altered 
microbes that can inhibit strawberry 
plants from freezing. 

• Tree cloning techniques are being 
developed that could tackle sub-Saharan 
Africa’s desperate firewood shortage. 
Seedling trees will be grown from the 
cells of mature trees, but more work 
still needs to be done to improve cloning 
methods so they can be adapted to poor 
soils inhospitable conditions, 

* * • 

This summer Professor Marc Van 
Montagu made it onto the front cover 
of Nature magazine, and so fpr a while 
became the pin-up of the worldwide 
scientific co mmuni ty. The breakthrough 
that won him that distinction marks a 
significant new stage in the bio-revolu- 
tion. 

He and a team of researchers at the 
University of Ghent in Belgian Flanders 
have gene-spliced plants to Induce two 
remarkable properties. The first is that 
they are now genetically resistant to 
many insects. The second is that they 
are also resistant to a particular kind of 
herbicide called -“Basta” that is manu- 
factured by the West German chemical 
company Hoechst. 

In other words, Van Montagu and his 
colleagues may have discovered the 
secret of turning the base metal of 
-academic research into commercial gold. 

Their recently published work is being 
hailed as a milestone because it directly 
links an important agricultural advance 
with a specific commercial product So 
far the insect resisting plants that have 
been produced are limited to cabbages, 
tobacco and tomatoes, but before long 
cotton and maize will be added to the 
list 

Van Montagu's company. Plant Genetic 
Systems — a US-style example of campus 
capitalism which employs most of his 
colleagues in the university's biotechno- 
logy department — is at present locked 
in an unseemly wrangle with Hoechst 
over terms. 

The Ghent scientists are asking for 
up to a tenth of the profits from future 
sales of a package that will consist of 
compatible seeds herbicide. Hoechst' 
is demurring over the price, while Pro- 
fessor Van Montagu says the revenue is 
essential if Ghent is to hold its own as 
an international centre of gwiign cfl in 
biotechnology. 

For the meantime. Van Montagu’s 
team has the edge on researchers else- 
where who have been trying to twin a 
breakthrough in plant genetics with the 
application of a particular brand of 
herbicide or fertiliser. The bio-revolu- 
tion is fast becoming a commercial 
battlefield on an epic scale. 

Big chemicals companies like Mon- 
santo and Sandoz have bet the farm on 
their strategies of switching emphasis 
away from industrial chemicals into 
biotech. Their sights are firmly set on 
an industry that is forecast to grow from 
its present turnover of around $25bn a 
year to an annua] $100bn by the year 
2000. Monsanto, for instance, is spend- 







V 


m 







ing two-thirds of its $500zn-plus yearly 
R Sc D budget on "life sciences" and Id 
has embarked on a biotech acquisitions 
spree designed to triple its present 
$ 2 O 0 m a year sales in the agricultural 
seeds business. 

• • • 

THE bio-revolution has generally been 
viewed by officialdom as a first cousin to 
the green revolution. It is thus seen as 
a benign further phase of the same 
phenomenon that in the last quarter 
century has helped Third World rice and 
cereals harvests to soar. Yet the signs 
are that it is, in a number of ways, 
radically and alarmingly different 

In the first place, experts anticipate 
that there will be fundamental, and pro- 
bably unwelcome, developments in the 
rich industrialised countries. “It will 
mean disruptive structural changes," 
warns Dr Mark Cantley who heads the 
EEC Commission’s Concerta tion Unit 
for Biotechnology in Europe (CUBE). 

Dr Cantley points to forecasts that 
suggest America’s present 2.2m formers 




could, for instance, be halved In number 
by the turn of the century. "Something 
lflra 75 per cent of America's food may 
be produced by no more than 50,000 
gian t forms," he adds. Others inside th& 
Brussels Commission' fear very similar 
developments in Europe, with the added 
worry that national tensions could 
unravel the CAP. 


Promise of survival 

The green revolution was pioneered 
by plantbreeders like Nobel prizewinner 
Norman Borlaug. Using conventional 
< cross-breeding techniques he wrought 
miracles in India and China. Since the 
1960s some Asian harvests have 
increased fourfold. But the green 
revolution did not greatly affect 
temperate agriculture. Genetic mani- 
pulation, on the other hand, will entail 
dramatic increases in European and 
American form outputs, with potentially 
disastrous consequences- 


Even without the advances in plant 
disease prevention that the biotech no- 
logists are still striving for, the 
upcoming generation of gene-spliced 
hybrid wheats and barleys promises to 
plunge the world's cereals farmers into 
an overproduction crisis of major 
proportions. 

The EEC's surplus grain mountain is 
already due to double its present size 
and top 40m tonnes by 1991. Over the 
last 20 years cereals harvests have 
increased by an average 1 per cent 
annually. The implications of a sudden 
15-20 per cent rise in Europe's harvests 
and those of America, Canada, Argentina 
and Australia are unsettling. At very 
least they suggest a farm trade war to 
dwarf the present international sub- 
sidies race. 


The impact of BST on the dairy sector 
could be dramatic. A study by West 
German experts at Hohenheim Univers- 
ity in Stuttgart reckons that BST will 
enable dairy farmers to cut milk 
production costs by about 10 per cent. 

The fanners will be able to produce 
more milk from fewer cows. That will 
aggravate overproduction that now 
stands at 17 per cent and at the same 
limn will reduce the dairy fanners' 
labour needs and their consumptio n of 
cattle feed. The Hohenheim analysts 
add that within five years about 30 per 
cent of Europe’s cows will be treated 
with BST, and the world market for the 
product is being put at over $lbn. 

In the short term, BST will enable 
Europe’s many smallholders to hang 
on and resist the economic pressures 
that are driving them off the land. 
Four-fifths of European dairy farmers 
have fewer than 10 cows, and the arrival 
of BST promises them survival for a 
little while longer. For the 20 per cent 
of farmers who produce 80 per cent of 
Europe’s milk it spells a finan cia l 
bonanza. 

But in the longer term. BST and all 
the other developments in biotechnology 
are going to place intolerable new 
strains on form subsidy systems that 
are already groaning under the weight 
of the surpluses. 


Meanwhile, the difficulties created by 
tiie Bio-Revolution will go for beyond 
the farmlands of Europe or the US. 
The coining increases in agricultural 
output may well have disastrous con- 
sequences for the Third World. 

On the face of it the emergence of 
new super-foods should be a boon to 
the struggling peasant farmers of 
Africa, Asia and Latin America. In fact, 
the signs so far are that the bio- 
revohitiou could have a very negative 
effect on agriculture in developing 
countries. 

The principal problem is that the 
Europeans and tiie Americans will be 
dumping their ever-larger surpluses 
onto world markets. This deluge of 
subsidised cut-price food will ensure 
that imports displace locally grown 
food, and will drive still more Third 
World formers off the land. 

All tiie evidence, therefore, seems to 
point a situation where the bio- 
revolution will be creating as many 
problems as it solves, and perhaps more. 
So. was Jonathan Swift right or wrong? 
" Whoever could make two ears of corn 
or two blades of grass grow upon a spot 
of ground where only one grew before." 
runs that oft-quoted passage from Gul- 
liver's Travels, "would deserve better 
of mankind, and do more essential 
service to his country than the whole 
race of politicians put together." Maybe. 


The Long View 


Spare a thought for shareholders 


IT SEEMS there are more of 
them about these days. But they 
are not much more highly re- 
garded, either by companies or 
by the Stock Exchange. Only 
the Government seems keen on 
encouraging them. . 

Shareholders are a necessary 
part of a capitalist system, but 
their largely passive nature 
gives them something of the 
status and popularity of -the 

- absentee landlord. . The : heroic 
shareholder is a theoretical 
possibility <my colleague 
Richard Lambert lias put for- 

. i ward Warren. Buffett . in this. 

spaces* a candidate) but the 
i. .rf species' ;dbep -.not appear to 
Kii* flourish in Even in the 

United States;- he is liable to 
turn into a ■ corporate, raider. 

IW ' My old, economics textbooks, 

to the extent' that .they con- 
lit’ sidered the role of r fhe .share- 
holder at oil, tended to eon- 

- * fuse him with a proprietor — 

which legally, .admittedly; he is: 

I Was once rash enough to 
suggest in print ihat managers 
might sometimes .have .priori- 
ties (their own accumulation of 
/ wealth, perhaps) other-, than 
shareholders’ Interests. 

"Preposterous, by -definition,” 
thundered a- riposte ‘ from 
. .>• academe. Companies are 
managed to maximise the 
wealth of-. shareholders; so 
there. But Z am unconvinced. . 

Shareholders come in cUffer- 
V7?\ ent categories,. - Private share- 
holders can be anybody;.— you, 
j ■; me or, more likely, Auntie. Flo 
fl who has outlasted the rest of 
j 1 the family and has. accumulated' 
* * - the wealth. In the mass, jpit 
vate shareholders are greedy., 
ill-informed, Iong-suffering and 
. loyal. They respond eagerly to. 
<* leadership but, ‘ unfortunately, 

’ they normally get it only from 
colourful and unscrupulous eh- 
J trepreneurS. . ' , 

/ For years, companies and the 
Stock Exchange conspired to , 
kill off i— n inves tors 

gradually. They were a 


They’re a necessary 
-part of a capitalist 
system but their 
passive nature means 
that all too often, 
they are accorded 
att the status and 
popular standing of 
an absentee landlord, 

, says Barry Riley 

nuisance and cost a fortune to 
circularise. They have scarcely 
been regarded as proprietors; 
indeed, they are all too often 
regarded as the raw material 
of lists that can be sold off to 
direct mall advertisers. 

. Then, along came Margaret 
Thatcher, who perceived that 
there could be valuable politi- 
cal mileage in wider share 
ownership. Just as home owner- 



ship turned council house ten- 
ants into Tory wets, so tiie 
spread of share ownership could 
tranform them further into 
proper competitive capitalists. 

-These milli ons of new private 
shareholders have been lured 
by instant profits on privatisa- 
tion issues. When toe going 
gets tougher, many of them are 
likely to fall by toe wayside. 
But the growth of wealth is 


• CONTENTS* 

Arts; The Venice Film Festival XVII 

Collecting: Burlington Home antiques fair K 

Diversions: Eccentrics at work XV 

Finance: Why the poll tax is history VI 

Motoring: Anot her winner for Peugeot ^ 

Sport: Desig ns on a golf course xvm 

Aits : XVI, XVII Branca A Fanfly IV-VI Sport .. _ . XVII* 

Beotia . XIII Font XV Stock M afoa 

PfidB*.-. v» CaMMiHB xw ,jj 

Cheat VI How To Spend K XV «taw Vo* lU 

CrocawOfd „ XVIII Uttering VIII 8 «■«*■» Jj* 

Dtanmlm ' XJV-XVI Property X Tiara* VIII 


expanding steadily the potential 
ranks of serious shareholders, 
if only financial intermediaries 
can reach them. 

The rise and rise of institu- 
tonal shareholders was the mir- 
ror image of the post-war 
decline of the private investor. 
The institutions have had better 
marketing than the Stock Ex- 
change and its brokers, and 
often had tax advantages, too. 
Like small investors, the insti- 
tutions are also easily led, 
although primarily by aggres- 
sive companies on the takeover 
traiL 

Fund managers have neither 
the resources nor the inclina- 
tion to intervene in company 
management. Their passive 
stance, therefore, leaves a 
power vacuum which can be 
filled by acquisitive entrepre- 
neurs and their fee-hungry 
corporate finance advisers. 

One consequence has been 
the rise and fall of a succession 
of large conglomerates dedi- 
cated to the creation of the 
stream of smoothly rising earn- 
ings per share which is the 
institutional fund manager’s 
key objective. In doing so. they 
usurp much of the function of 
diversification which the insti- 
tutions can claim legitimately 
as their important contribution. 

Meanwhile, they find com- 
panies also taking geographical 
decisions tor them, as with the 
present spate of British com- 
panies’ American acquisitions 
which are being financed willy- 
nilly by toe UK institutions. 
This weakness arises because 
institutional shareholders have 
confined themselves to the nar- 
row role of assessing relative 
share values according to their 
perceptions of company per- 
formance. 

However, if this is a big step 
away from the proprietorial 
position, a further leap in the 
game direction Is taken by index 
funds and other users of pro 


grammed techniques. The Index 
fund manager is totally passive. 
If a company is floated be has 
to hoy an appropriate weighting, 
simply to stay in line with the 
index, regardless of whether he 
thinks the shares represent good i 
value or sot. 

If indexing becomes wide- 1 
spread, the ability of the stock , 
market to value individual 
shares sensibly will be under- ! 
mined. The reductio ad absur- 
dum would be a kind of cor- 
porate treasurers’ paradise in 
which investors would take up 
any amount of stock created for 
whatever reason. • 

Even now, there is enough 
"closet" or undeclared indexing 
for the Government to be able 
to exploit the phenomenon in 
big privatisation issues. Large, 
cheap allocations to private in- 
vestors create an artificial 
shortage of stock in institutional 
hands, ensuring a premium in 
the aftermarket and a quick 
profit tor the stags. 

Finally, there- is the new 
character, . the global investor, 
who can be seen primarily, 
perhaps, as the seeker of ulti- 
mate diversification. 

Governments, especially in toe 
Third World, tend to be suspi- 
cious of foreign shareholders, 
but companies in toe more de- 
veloped countries are increas- 
ingly Inclined to cultivate them, 
perhaps because they promise 
to be particularly passive (and 
therefore pliable) and also 
because they could serve to 
further the global ambitions of 
managements. 

Global operations matched by 
global shareholdings could be 
the way things will go. But 
there are no corresponding 
global legal structures, and 
where should the annual meet- 
ings be held? 

I am very much afraid that 
in diversifying away from 
known risks, the global investor 
is taking on board otoexs of 
which he Is not yet aware. 


Harrods invite you to ring this 
number and learn the truth about 

your skin: 01-730 4581. 




See your skin magnified 
on a TV monitor. 


Ie is analysed by a 
computer. 


7o reveal the truth 
about your skin. 


Your skin is like your fingerprint. 

^ And now for the first time in this country a skin care 
tAj programme is available based on a computer 

m 1/ analysis of your skin’s unique physiology. 

\ ' ( It has been developed by Shiseido of Japan, one of 

\ the world’s largest cosmetics companies. 

Starting today for two weeks, the Shiseido Skin Analysers will be in 
Harrods Central Hall on the Ground Floor; 

They will give you a printed computer analysis of your skin type and 
condition, then recommend an optimum beauty regime. 

If you would like to take part in this Harrods exclusive, you can book 
your 15 -minute consultation today by ringing the number above. 

Remember, no one else has skin like you. Shiseido can make that 
something to be grateful for. 

Shiseido. Technology with a human touch. JWEIDO 

Sh i s e ido Skin Analyser Presentation at Harrods * Period: September 5 th to 19th inclusive. 
Place: The Central Hall, Harrods, Ground Floor ■ Time: Between 9.00 am and 6.00 pm. 

Contact: 01-730 4581 for an appointment ■ Exclusively at Harrods 


-I 


• -'' 7 - '• . 


7 





n 'WEEKEND FT 


MARKETS 


Good news week 


AFTER TW r O months when the 
market — sta rved of results — has 
struggled with a stream of cash 
calls and: fears that the 
economy is overheating, a 
whole host: of major companies 
rolled out the good news this 
week. 

Indeed, it was almost 
enough to make dealers fbrget 
the macro-headaches altogether; 
by Friday’s dose, the FT 100- 
Share Inde>: had recovered to 
2274-9, a gain of 25-2 points 
over the shortened Bank Holi- 
day week, and now 89.6 points 
up from its August low after 
the unexpected base rate hike 
hit the screens. 

Not quite enough, however. 
Tuesday brought a painful 
reminder of the ongoing eco- 
nomic problem with the publica- 
tion of July trade figures. These 
showed a current account deficit 
of £31 Om, confirming bath the 
deterioration in Britain's trade 
balance throughout the second 
quarter and the accelerating 
import trend. 

Most analysts had suggested 
that any deficit beyond £200m 
would be considered disappoint- 
ing, and tlie market’s snap 
reaction was to cut bond and 
equity prices. But with little 
sign of institutional selling, it 
soon recovered its nerve — 
cheered largely by sterling's 
resilience against a crumbling 
dollar and the realisation that 
there were no additional 
grounds for further action on 
the interest rate front. 

That was promptly confirmed 
by Chancellor Nigel Lawson on 
Wednesday, giving further heart 
to the gilt market and pushing 
the yield on high coupon longs 
back under 10 per cent— a wel- 
come reaction for any equity 
investor given that the yield 
gap has been standing at a 


the subsequent shakedown m 
Tokyo, and the 100-Share lost 
all of Tuesday’s gain. 

But by Thursday and Friday, 
it was almost plain sailing. As 
the CBI indicated in its latest 
monthly trends survey, pub- 
lished at the start of the week, 
short-term prospects for British 
manufacturers seem to be 
buoyant — even if 1688 looks to 
be ominously tougher. The 
likes of BATs, Cadbury- 
Schweppes, Williams Holdings, 
Hillsdown, Blue Circle and 
Bunzl seemed out to prove that 
right Only the prime rate 


London 


rises in the States contrived to 
spoil London’s recovery — halt- 


ing, though not entirely obliter- 
ating, Friday’s rise. 

BAT Industries, which has 
spent so long battling against 
its mature, tobacco-dominated 
image, topped all expectations 
with a 26 per cent rise in half- 
time pre-tax profits (and a 
marginally higher improve- 
ment in eps growth) to £699m. 
The sharpest advance came 
from financial services — pre- 
dominantly British insurance 
group. Eagle Star, a BATs 
diversification back in 1984— 
where there was a 66 per cent 
advance in operating profit hi 
£2i4m, on the back of a re- 
duced underwriting loss and 
hefty investment gains. 

Financial services now 
account for 28 per cent of the 
profits total and tobacco about 
half. The old core business 
did well enough— up from 
£313m to £38 lm— thanks to 
higher prices, lower marketing 
spend and increased exports 
partially offsetting a sharp 
drop in the US domestic sales. 


ive-year high. Shares, though, 
caught a belated cold from Wall 
Street’s Tuesday plunge and 


The company wains that the 
second half, when promotional 
spending picks up, may not 
look quite so good. Even so, 
pundits added £20m or so to 
their full-year forecasts, to 
give around £i.63ba f or a pros- 
pective p/e of about 10. With 
recent legal ruling in the States 
apparently lowering the litiga- 
tion risk to tobacco companies, 
most reckon the rating is too 
low. But supporters have been 
saying that for years now— and 
the shares gained fast 16p to 
662p over the week. 

The insurance sector 
“proper.” mea while, had some- 
thing of a hectic week. Con- 
tinuing the stream of composite 
results, GRE reported a near-50 
per cent advance to SXt.2m 
pre-tax In the first half, while 
Sun Alliance doubled to £104m. 
But the big surprise was the 
£367m cash bid by New Zealand 
entrepreneur, Ron Srierley, for 
Equity and Law yesterday. 

Brierley has been building up 
a near-30 per cent holding in 
the life group for almost 18 
months and there was Octant 
speculation that he may be try- 
ing to flush out a rival bidder 
—possibly one of the dearers. 
Equity and Life’s response was 
an unequivocal “no.” but the 
market clearly expects further 
action from somewhere— mark- 
ing the shares S7p higher at 
387p by lunchtime, a 22p pre- 
mium to Mr Brierieyfc terms. 

Acquisitions made the reading 
of results from Williams and 
Hillsdown — two of Britain’s 
more acquisitively-minded busi- 
nesses — more complex. The 
former enjoyed the first full 
inclusion of its Duport and LMI 
purchases, and is also now 
minus some of its smaller and 
less successful interests. More- 
over, it took £5.45m — largely 
the cost of its recent abortive 
Norcross bid — below the line, 
though flattered the comparable 


w ‘ Jura 


predict upward of £105m 
(£54.9) for the full year. 

Hillsdown's share price, how- 
ever, has been clouded by the 
overhang of a IS per cent 
placing by co-founder, David 
Thompson— and, perhaps more 
pertinently, worries about the 
degree of his continued com- 
mitment towards the company. 
Despite gearing of 130 per cent. 


USM greets 
September 
with burst 


HIGHLIGHTS OF THE WEEK 


of activity 


SEPTEMBER is traditionally a 
busy month in the City as the 
money men return refreshed 
from their holidays and eager 


to put together a few deals. 
Even so, this week has seen an 
extraordinary burst of activity 
on the Unlisted Securities 
Market 


A new company is set to 
>in the market after the deal 


join the market after the deal 
announced yesterday through 
which Highland Participants, 
now traded under the Stock 
Exchange’s Rule 535 (3), is 
buying tiie main market group 
A & P Appledore for £13 An. 

The man behind the bid is 
Peter de Savary, the veteran 
of many a British America’s 
Cup effort and the deal has a 
definite nautical tinge. Apple- 
dore’s principal asset is a half- 
share in the port of Falmouth 
and Highland intends to boy 
out the other 50 per cent and 
develop Falmouth as a ship- 
repairing centre and as a 
banker (refuelling station). 

If the deal is approved, the 
new company wul join the 
USM in two months via an 
introduction with a likely value 
of around £40m. De Savary 
bought into Highland, which 
has interests in oil exploration 
and production, in July and is 
injecting a further £3m into 
the group, which will leave 
him with 21 per cent of the 
enlarged equity. 

Let os hope that Highland 
has a happier career on the 
USM than that of Fletcher 
Dennys Systems, a micro- 
computer systems dealer, so 
far. Launched in July 1986 on 
a p/e of 15, reflecting the 
previous year’s profits of 
£403,000, it hoped to avoid the 
problems of other " box 
shifters " by tying in customers 
via preferred purchase agree- 
ments, by concentrating on 
IBM equipment, and by 
emphasising customer services. 

Unfortunately, the company 
had a large base of local 
authority customers who tradi- 


FT Ord. Index 

Appledore 

BATInds. 

BuHzl 

Cheshire Wholefoods 

Cons. Gold Fields 

Dixons Group 

Eqnlty & Law 

European Home Products 

Lee International 

Midland Rank 

Next 

Pearl 

Personal Computer 

Polly Peek - 

Quick (EL A ).) 

Regalian 

Storehouse 

San Alliance 

Williams Holdings 


Price 

yday 

1,782.1 

410 

662 

237 

271 

£14* 

363 

387 

350 

342 
500 

343 
408 
250 
376 
363 
271 
871 
noi 

non 

iron 


Chang* 

on week 
+22.3 

+178 
+16 
-23 
+23 
+ 1* 
+30 
+56 
+33 
+78 
+45 
+21 
+30 
+23 
+27 
+53 
+26 
-16 
+ l 

+47 


1987 

High 

1,926.2 

410 

675 

278 

283 

£15 

425 

388 

350 

343 

524 

360 

430 

250 

378 

371 

315 

401 

£11 

970 


1987 

Low 

1,320.3 

199 

452 

207 

218 

668 

304 

305 
128 
152 
421 
225 
316 
131 
134 
125 
152} 

Zoo 

645 

570 


tionally placed their orders at 
the end of the financial year. 
And, last year, the orders failed 
to arrive. 

The company signalled ita 
problems in May when it, 
announced that its a nn ual 
figures were likely to show a 
pre-tax loss of £500,000. One of* 
the founders, Dick Dennys, 
decided to leave. 

Unfortunately, when the 
figures actually arrived they 
were even worse — the loss was 


ASt year at 70p each and trading 


at 76p only last week, are being 
offered to the consortium and in 


Junior 

Markets 


£900.000— and this week the 
group announced a capital 
reconstruction package. 

Hillsdown Investment Trust, 
a new vehicle spun off from the 
fast-growing food-to-fumiture 
group Hillsdown Holdings, is 
leading a consortium of, 
investors taking a 61 per cent 
stake. In addition, the group is 
making a one-fox-four rights 
issue with the total package 1 
worth £1 ,28m. 

However, the shares, placed 


offered to the consortium and in 
the rights issue at only 5p. And 
the other founder, Jim Fletcher, 
.is leaving the group. 

, A more encouraging story for 
(budding USM entrepreneurs is 
that of two new “muesli mil- 
lionaires,” Ian and Philip 
3 Thompson. USM paper millions 
often are ephemeral since hold- 
ers rarely can realise their 
stakes without causing a plunge 
in Share price. 

This week, though, the 
Thompsons were aide to accept 
280p a share for their stakes 
in the breakfast cereal con* 
,pany Cheshire Wholefoods as 
'part of an agreed bid from tile 
Dutch company Royal Wessa- 
nen. Cheshire’s profits have 
grown strongly in recent years, 
reaching £778.000 in the year 
to March, and the group hopes 
that by becoming part of tile 
Dutch group it will gain access 
to export markets. 

Meanwhile, another recent 
aJSM entrant Blenheim Exhibi- 
tions, which joined the market 
not long after Fletcher Dennys, 
announced a deal which it 
claimed made it the leading 
.conferences and exhibitions 


Philip Coggan 


INTEREST RATES: WHAT YOU SHOULD GET FOR YOUR MONEY 


Compounded return 
for taxpayers at 
27% 45% 60% 


Frequency 

of 

payment 


Amount 

invested 

£ 


Withdrawals 

(days) 


CLEARING BANK* 
Deposit account 

High Interest cheque — 
High Interest cheque — 
High interest cheque 
High Interest cheque — 


monthly 

monthly 

monthly 

monthly 

monthly 


LOQO-4,999 

5.000- 9,999 

10.000- 49,999 
50,000 minimum 


BUILDING SOCIETYt 
Ordinary share 
High interest acces ~ 
High interest access — 
High interest access ^ 
High interest access _ 

9frday — 

90-day 

90-day 


half yearly 

yearly 

yearly 

yearly 

yearly 
half yearly 
half yearly 
half yearly 


1-25O000 
500 minimum 

2.000 minimum 

5.000 minimum 

10.000 minimum 
500-9,999 
10,000-24,999 

25.000 minimum 


NATIONAL 5AVI NGS 
Investment accounts 

Income bonds 

Deposit bonds 
33rd issue* w.. 

Yearly plan 

General extension — 


yearfy 

monfiily 

yearly 

not applicable 
not applicable 
quarterly 


5-100,000 

2,000-300,000 

100 - 100.000 

25-3j000i 


MONEY MARKET ACCOUNTS 

Schroder Wagg . — 

Provincial Trust ..... 


monthly 

monthly 


2,500 minimum 
L000 minimum 


BRITISH GOVERNMENT STOCKS* 
7.75pc Treasury 1985-88 . — 

l(3pc Treasury 1990 

10J25pc Exchequer 1995 

3pc Transport 1978-88 

2l5pc Exchequer 1990 ..... — 

Index-linked 19901 ... 


4.75 half 

4.28 half 


4J.1 half yearly 

5B0 half yearly 

5.92 half yearly 

6.10 half yearfy 


*Llovds Bank, t Halifax 90-dav; immediate access far balances over £5,000- t Special facility for extra £5.000. 9 Source! Phillips andDrew. Assumes 4 per'afft 
inflation rate. 3 Paid after deduction Of composite rate tax, credited as net of basic rate tax. 2 Paid gross. 3 Tax free. 4 Dividends paid after deduction of basic rate tax. 


FT-Actuaries 

ALL- SHARE INDEX 


1986 figures to the tune of £3m 
by treating the profit on the sale 
of its McKechnie stake as an 
exceptional. 

That said, the rise in pre-tax 
profits from £8 5m to £18Jm for 
tile six months to end-June was 
Impressive by anyone's stan- 
dards, as was the leap In fully 
diluted earnings per share from 
I5.4p to 285p. With the benefits 
of Crow? Paints and Polycell 
yet to come in, the bulls are 
sugestlng up to £55m for the 
full year, or a prospective p/e 
— with the shares up 47p over 
the week to 969p — of 16. 

HUla down, though every bit as 
deal-hungry, at least spelt out 
the organic growth— an impres- 
sive 38 per cent advance at the 
operating level. After a half- 
time pre-tax total of £41.6m 
(£19. 6m), company watchers 


Hillsdown says it has no plans 
for a cash call and sees ways of 
reducing this to double figures 
by the year-en d es p e c i ally as 
the rationalisation of recent 
Canadian purchase. Maple Leaf 
Mills, works through. The mar- 
ket, though, still takes some 
convincing — m arking the shares 
just 7p higher at 327p on the 
week, and suggesting a prospec- 
tive p/e at 15. 

On technical grounds, too, 
the market looked to be having 
an easier ride this week. The 
deluge of paper from cash- 
raising companies appeared to 
have reduced somewhat, with 
the £U3m rights issue from 
book publisher William Collins 
to fund the purchase of a 
50 per cent stake in US 
publisher Harper and Row, the 
main new calL 

That was until yesterday, 
when Ladbroke confirmed that 
it is to buy the 91 Hilton hotels 
off US-based Allegis Corpora- 
tion, funding the £465 m deal 
via another £254m rights issue 
—the last was in the spring — 
and the rest through bank bor- 
rowings (to be partially 
repaid as it disposes iff certain 


existing; and less upmarket 
properties). News that Lad- 
broke was interested in the 
prestigious chain seeped out a 
week ago, and the shares— 
despite some formidable 
results — have been a weak spot 
since. But yesterday, the 
market decided it liked the 
deal and the upmarket thrust, 
pushing the price just2p higher 
at 441p. 

But perhaps the most Intri- 
guing situation of the week was 
Newmont Mining, a US com- 
pany, where Texan oilman, T. 
Boone Pickens, has indicated 

S Zans for a $6bn bid. Consolid- 
ated Gold Fields holds 26 per 
cent of Newmonfs shares, 
bought for approximately one- 
third of Pickens’s offer price. 
Whether ConsGold extends a 
friendly hand to Newmont — no 
doubt at some price— or takes 
Pickens's money (assuming it 
ever . arrives), the market 
decided the UK group could 
scarcely lose. ConsGold shares 
added £1 to £14A0p — a bright 
spot in a generally brighter 
week. 


Nikki Tail 


More relaxed over economic stats 

Takeover approach 

Interi m results exceed expectations 
Interim results disappoint 

hlHTrfwn Koninklljfcg Wegsanen~ 
Pickens bid for Newmont Mining 
Brokers’ * boy ’ recommendations 
Hopes of counter to Brierley bid 
53m Spanish acqn./doubled profits 
Management boy-out following big acqn. 
Stake-bn tiding /bid tumours _ 

Brokers' * buy * recommendations 

Takeover speculation 

Preliminary profits pp 64 per cent 
Overseas traders recommend 
Excellent interim figures 

Huuneslde site sold for £74Am 

Bid tails to materialise ^ 

More than doubled interim profits 
Half-yearly figures 


Cablec gives 
BICC a hoist 


organiser in Europe. It is buy- 
ing Online International, which 
specialises In organising exhibi- 
tions and conferences on hi- 
tech subjects, in an agreed bid 
worth up to £14m. Blenheim 
also said that it expects to 
make £ 1.42m in the year to 
August, up from £502,000 in the 
previous year. 

Another USM company 
announced sharply-increased 
profits this week — Orchid 
Technology, the Californian 
software house, which had its 
problems joining the market 

The group originally planned 
to join the market in January 
but was forced to delay the 
launch because of a distinct 
lack of enthusiasm among insti- 
tutional investors. The record 
of USM software companies 
has not been encouraging and 
Institutions perhaps found It 
difficult to believe that the 
group would meet its forecast 
of an increase in pre-tax profits 
from SL78m to S6.5m. 

This week, however, the com- 
pany announced that it had and 
the shares, placed at 106p in 
April, now stand at 151p. 


THE SHARES of BICC enjoyed 
a minor re-rating this week 
ahead of next Wednesday’s 
interims, jumping 18p to 402p 
on Thursday alone. This was 
partly due to a delayed re- 
sponse to the 896m acquisi- 
tion of Cablec earlier in the 
week, which fulfils BICCs 
longstanding ambition to estab- 
lish a cable-manufacturing 
facility in the US. 

Analysts are however, also 
increasingly confident the 
half-year figures will not dis- 
appoint, as they have done 
several times in recent years. 
Reflecting the benefits of last - 
year’s rationalisation -of the 
cables division, and good 
trading conditions for Balfour 
Beatty, BICC should make 
between £55m and £60m, 
against £47m. 

Despite its failure to acquire 
Pilidngton in January this year, 
BTR has not in the least 
abandoned the takeover trail — 
particularly in the Far East 
Nylex — BTR’s Australia-based 
subsidiary — has been busy 
snaffling up companies in 
Taiwan and the Antipodes, and 
is a mini-conglomerate in 
microcosm. It should be the 
main force behind growth in 
BTR's interim figures, due out 
on Wednesday. Analysts’ fore- 
casts range widely from £250m 
to £290m, against £208m in the 
first half last year. 

It is difficult to get excited 
about British Telecom’s first- 
quarter results, due on Wednes- 
day. The mid-point of City fore- 
casts point to pre-tax of £550xn. 


Results due 


Company 


Announc 
m ant 
due 


Dividend (d)" 

Lest year This year 
In*. Final lot. 


PINAL DIVIDENDS 
OPCE Holdings 

61 act run House 

Frsmllngton Group ...................... 

Haynes Publishing Group 

Hagges, John 

fetlock Johnson - 

Intsreurepe Technology Services .... 

l*ol ran 

London Merchant Securities 

Magnetic Materials Group ............. 

Pacific Seles Organisation ........... 

Pitco 

Sirdar — — .... 

Thompson T-Une 


>» Thursday 
. Tuesday 
Thursday 
. Tuesday 
. Thursday 
- Tuesday 
Friday 

,. Thursday 
>. Tuesday 
. Monday 
Friday 
Thursday 
. Thursday 
i. Thursdsy 


INTERIM DIVIDSIDS 
Abbott Maid Vickers — .............. 

Acorn Computer Group 

Admiral Computer Group - — 

Amarl — - - 

Asset Trust — 

Associated British Ports Holdings 

Barter and Dobson Group 

Charles Baynes 

BICC 

Blackwood Hodge 

Body co to International 

Bramell. C. D 

British- Mohair Holdings - 

British Telecommunications 

British Vita ..... 

BTR 

Burmah OH 

Camper! In tarnation el ................... 

Cooksan Group — 

C ostein Group 

Delsney Group 

Delta Group — - 

Ernes* Lighting ..... 

Expense International .................. 

Friond'y Hotel* ...... ............... 

Goal Petroleum - - 

Hutalr 

Invergorden Distiller* 

Using, John 

Unread 

Lopsx Co mntUJi I cations 

Meraty Docks and Harbour — 

Mere O'Fomll 

Moss Bros. - 

Neill. Jams* 

Now Dorian OH 

Nurdm and Peacock 

P A E International ... 

Persimmon 

Provident Financial 

Prudential Corporation — 

Rowntree Mackintosh 

Royal Dutch Petraleomt — 

Savoy Hotel 

System* Reliability 

Taverner Rutledge 

Technology Project Services 

Taxer Kami ley A Mlliboum Holdings .. 
Turner and Newell e »>— —>»*»■ a eaoj 

Wilkss, James 

Wlmpsy, George 


Thursday — 

Tuesday — 

Tuesday 3.0 

Monday 1.0 

Thursday 2.0 

Monday — 

Friday 03 

Wednesday 3.5 

Monday 0.S 

Tuesday 13 

Monday U 

Thursday 12 


Thursday 

Thursdsy 

Thursdsy 

Tuesday 

Monday 

Friday 

Tun day 

Tuesday 

Monday 

Tuesday 

Tuesday 

Tuesday 

Monday 

Thursday 

Monday 

Tunday 

Monday 

Monday 


Thursday 1 .0 
Monday 2.1 
Tuesday 7.6 
Wednesday 10,0 
Thursdsy +* 
Thursday — 
Tuesday 3J 
Friday 1.7 

Thursday — 
Tuesday 0.7 
Tuesday — 
Wadnaaday ZS 
Wednesday 3.0 
Wednssdsy 1.0 


D.5 

U 

1 A 

2.0 

3.0 

6.0 

6.0 

AO 

0.9 

23 

1.6 

4.0 

D.6 

1.0 

03 

IS 

m— 

IJ 

1 JO 

2.0 

16 

AS 

1.7 

3 3 

1.6 

2 JO 

3.0 

3 S 

in 

— 

2.0 

4.0 

— 

1.0 

03 

— 

3 J5 

8.3 

o.s 

0.S 

1* 

2.3 

13 

3.1 

13 

02 

33 

6.1 

2.7 

3.7 

3.S 

4.7 

4.5 

9.5 

OS 

2JS 

2.7 

6.0 

3.6 

53 

o a 

1.6 

2.6 

5.0 

33 

23 

2.7 

AS 

06 

0.7 

in 

1.0 

1.7 

2 S 

2.6 

3.3 

1.6 

3.7 

1.7 

-4.0 

1J» 

2 JO 

in 

2.4 

L3 

X9 

IS 

4.8 

.2.5 

AS 

0.6 

0.7 

IS 

23 

1.0 

2.0 

2.1 . 

A3 

7.5 

4.0 


. * D iv i d ends ass show oat penes per ahara end n 
i ntervening scrip Issue, f First dividend. 


adjusted tor spy 


financial Times Saturday September 5 1987..- 


■ 


COMPANY NEWS SUMMARY 

TAKE-OVER BIDS AND MERGERS 



PRELIMINARY RESULTS 


Earutxgs* DMdetfr* 
per share (jrt per abate (p) 



INTERIM STATEMENTS 


a solid 10 per cent up cm 1986. 
With its industrial action now 
behind it no special factors of 
aay size are expected. 

Perhaps the more interesting 
event will be in Birmingham, 
where BT"s annual meeting is 
to be held the same day. It 
will be surprising if the board 
does not get a pasting for the 
company’s recent dismal per- 
formance 

With a bigger non-life in- 
surance account than Britain's 
other life assurance and finan- 
cial services groups, Prudential 
Cor p o r ati on tends to report 


more volatile earnings. Wed- 
nesday’s interims should be bol- 
stered, however, by its healthy 
new life business figures, pub- 
lished on July 17, which 
showed a 175 per cent jump 
in new annual premiums. 

The Pro will also benefit 
from the first full six months’ 
earnings from Jackson National, 
tiie US life company it bought 
past year, and should show 
more fruits of its acquisition of 
some 560 British estate agency 
offices. Analysts are mostly 
expecting a pretax figure from 
£90m to JEllOtm, though Savory 
Milin. is going for £12 lm. 
Last year, the Pro made pre- 
tax profits of £64.7m at the 
half-way stage, though that 
figure may be restated Ibis 
time around. 



RIGHTS ISSUES 


Biomechanics International is to raise £400,000 by way of a onefor^M 
basis rights issue. &39m shares are being Issued at Sp each. 
William Collins la to raise El 13m via a one-for-two rights issue. tMa 
new ordinary (voting) shares at 761p and ig-im new ordinary (non- 


voting) shares at 6S7 P are to be Issued. • - 

Philip Harris is to raise fX6m in a one-for-flve rights issue. Up to £&n 
new ordinary shares are to be issued at 138p each. 

Property Trout is raising £4m in a one-for-three rights inue Of 160m 
new ordinary shares at 2Vtp each. 


OFFERS FOR SALE, PLACINGS AND 
INTRODUCTIONS 


Anglo Leasing Is to come to the Stock Market through a flotatidtroffiSm 
shares priced at 175p each. ■ “ 

Dragon Tnst is to come to the market through a placing of 120m shares 
at lOp each with warrants attached raising £11650. 



Fifth ' 
Professional 
Personal 
Computer 
Conference 
















WEEKEND FT HI 


11 V5 


*6^ 




I 

a 

i ^ 

?K 


•■s; 
* && 


ss 


ii pSfc 


\Se 

ft-ss-S 


■j&Bi^r^s 

» | ji 

£?«■ 
'■ITi Z 


i m r 

', i ; 




Financial limes Saturday September 5 1987 


♦MARKETS* 


Rally peters out 


AFTER THE past two weeks* 
Invigorating shakeout, the . US 
stock market is poised for big 
advances towards still higher 
records. That, give or take 
some differences on magnitude 

and ♦timing, was the over- 
whelming view on Wall Street 
first thing on Friday morning — 
even before the' Federal Re- 
.serve Board' made ' its long- 
awaited move to. seize the 
initiative from the - currency 
speculators and raised its 
discount rate from 51 to 6 per 
cent. 

Within, minutes of the Fed's 
action, the bond market and 
dollar seemed to recover their 
composure. Those equity in- 
vestors who had resisted the 
temptation of panic-selling 
during the tribulations of the 
past two weeks prepared to 
reward themselves with a idee 
rally.. 

Then, a strange thing hap- 
pened. Almost before the early- 
morning rally started, it ran 
out of steam. Half an hour 
after the Fed's move, the dollar 
had given up most of its Initial 
gains against the yen and 
Deotschemark. . 

, The long-term bond market, 
which was expected to . take 
greatest encouragement from 
the anti-inflationary pluck of 
Alan Greenspan, the new Fed 
chairman, quickly fell back into 
negative territory. The stock 
market followed, suit From the 
initial rise of more than 14 


“THE GULF is engulfing ns 
all," said one leading techno- 
crat of the Organisation, of 
Petroleum Exporting Coun- 
tries, ruefully, when asked to 
comment on the emergency 
meetings in Vienna next week 
of two ministerial- committees 
called to review the surge in 
members’ oil production and 
the erosion of prices since mid- 
August. 

He was reflecting a general 
scepticism as to whether the 
two groups— or, for that mat- 
ter, the producers’ association 
as a whole if a fall emergency 
conference were to be called — 
could do anything at - this 
critical juncture in the Iraq- 
Iran war to assert -a measure 
of control over the market 
Events in the Gulf have taken 
on a frenzied momentum of 
their own and, 'for the time 
being at least, are dictating the . 
level of output 

For flie oil industry and inves- 
tors in the sector, the big ques- 
tion now is whether it will be 
regulated by the law of supply 
and demand. Continued and 
strict .adherence to' the official 


points just after the discount 
rate action, the Dow Joses In- 
dustrial Average fell back to 
show a loss of 10 points against 
its overnight dose after the 
first how of trading. 

Now, dbrfoudy an hour’s 
gyration in the averages is 
fandunentaBy. of little conse- 
quence to anybody except the 
futures speculator or profes- 
sional trader- The disappoint- 
ing initial reaction to the 
discount rite news would cer- 
tainly not be a reason for 
market strategists on Wall 


Wall Street 


Street to reassess their ahcoost 
unHomHy bullish forecasts that 
'equities will hit new records by 
the end of the year. But, this 
time, there was something sug- 
gestive shout the market's 
short-team reactions. 

Ever since it toppled from 
its peak of 2.722A9 on the Dow 
on August 25, the market has 
been having inordinate diffi- 
culty in gathering any upward 
momentum. Each day, the 
pandits Save predicted that the 
market was due for a profitable 
rebound. The upward correc- 
tion bos duly started and has 
then been hit on the bead by 
a wave of selling. 

Often, this has been “pro- 


gramme selling " by computers, 
not by actual humans, but it 
has been seiBng nonetheless — 
and for six days out of tiSe 
seven since the market hit Its 
peak, the sellers have out- 
weighed ike buyers. 

The equity market has not 
experienced a sticky patch like 
this since early April, when the 
Dow fell by 5.5 per cent in two 
weeks from a top of 2,405.54. 
On that occasion it took 
another month, phis a further 
fall of 2 per cent, to steady 
the market, which then resumed 
its straight-tine ascent from 
May 21 to August 25. 

The main conclusion that 
most investors and analysts 
seem to be drawing from the 
present period of weakness on 
Wall Street Is that history is 
about to repeat Itself, more or 
less literally. As the correction 
proceeds, investors are redis- 
covering a modicum of 
scepticism and fear. Euphoria 
and excessive greed are being 
shaken out of the markets. 

The upshot is that with each 
day’s mild decline, the analysts 
can lick their lips at the poten- 
tial profits that are being built 
in for the bull market's next 
upward leg. 

The attitude is typified by 
consents yesterday from 
Joseph Feshbach, the widely- 
respected head of technical 
analysis at Prudential Bache: 
“ We’ve had about a 5 per cent 
correction from the market’s 
a^l-time high and there's more 


Dow Jones 
Industrial ■ 
Average 


Jul Aug 

1987 


misery, fear and disgust Tm 
not worried we're going to see 
any major declines from here. 
The most risk we have on the 
downside is 2,500 and that 
would represent a great buying 
opportunity.” 

Of course, some analysts be- 
lieve that a bigger correction 
is possible, considering the 
loftier level to which the 
market has soared since the 
spring. 

Indeed. Robert Prectater, the 
Elliott Wave theorist who has 
made some of the most cele- 
brated cal Is of market turning 
points since 1982 and is now 
perhaps the influential technical 
pundit on WaH Street, said 
earlier this week that a drop 
below 2,600 on the Dow could 
raise the possibUHy of a slide 


all the way to 2,300. 

But what is more indicative 
of ttie underlying mood of con- 
fidence on Wall Street is 
Preohter’s longer-term projec- 
tion. Even if the Dow were 
to fall to 2,300, which Prechter 
says be doubts, (he insists that 
this "as not the start of a bear 
market” And be adds: 
M Whether this correction lasts 
a week or a month, it will be 
a buying opportunity for long- 
term Investors.” 

MONDAY 2,662.95 +23.69 

TUESDAY 2A10.97 -5L98 

WEDNESDAY 2,602.04 - 8.93 

THURSDAY 2,599.49 - 2JSS 

Anatole Kaletsky 


Opec shapes up to critical test 


selling prices in force since 
February, and generally 
-observed since- then, should 
restore a basic equilibrium. 

- The danger is that, in the 
midst of a general breakdown 
of discipline members might 
start scrambling to maintain or 
Increase what they regard as 
their share of the market — 
.which is already looking satu- 
rated — by offering discounts off 
the selling rates set around a 
central reference iff $18 a 
barrel. 

> By November, and perhaps 
earlier, Opec will almost cer- 
tainly- fiice a critical test simi- 
lar to the one surmounted suc- 
cessfully earlier this year after 
it had returned to a system of 
fired prices in February. . This 
followed the agonising experi- 
ence of 1988 when, in the first 
half of the year at least, pri- 
macy was given to recovery of 
market stare. As a result, 
members* collective revenue 


fell by more than 40 per cent 
— from $133bn in 1985 to $75bn 
in 1986, according to the cal- 
culations of the Boyal Dutch/ 
Shell soup. 

In the spring; with the mar- 
ket still awash with surplus oil 
and inventories swollen by the 
unrestrained production of the 
previous year, buyers held back 


Resources 


waiting to see If Opec members’ 
resolve, and the new syst e m of 
fixed priees, would crack. De- 
mand for their crude dropped 
to little more than 15m barrels 
a day in March compared with 
Ihe somewhat national ceiling 
iff 15.8m b/d set for the first 
half of 1987. 

Despite the- squeeze members 


(with a couple of marginal 
exceptions) stuck to the new 
rates. By mid-year and with 
Brent, the key North Sea crude, 
at nearly $19, prices were above 
official selling rates on the spot 
market 

The new celling on output of 
16.6m b/d set for the second 
half meant in effect an under- 
standing on a limit of rather 
more than 18m b/d after taking 
Into account Iraq’s non-com- 
pliance with the quota allo- 
cated; the prospect of it enjoy- 
ing another 500,000 b/d pipe- 
line capacity for exports; and 
tiie other inevitable, now almost 
institutionalised, “slippages.” 

Estimates of Opec output last 
month vary widely, with one 
major oil company putting the 
rate at 19.2m b/d and another 
at more than 19.6m. The Inter- 
national Energy Agency now 
puts It at 19.7m and expects 
production to exceed consump- 


tion In the third quarter by as 
much as 2.5m b/d. 

Nearly all the excess has 
come from the six Gulf 
members. Iran, Kuwait and 
Qatar have, for the time being; 
become as serious quota 
violators as the UAE. Even 
Saudi Arabia is exceeding its 
agreed entitlement. 

Recalcitrant Iraq apart, the 
total rupture of the implicitly 
agreed limit has been a re- 
action to the increasingly 
explosive tension in the Gulf 
rather than a breakdown of 
discipline as such. The Gulf 
producers clearly have been 
anxious to shift as much oil 
as fast as possible because of 
apprehensions about a com- 
plete cut-off of exports. 

For the same reason, buyers 
have been anxious to ensure 
adequate stocks with the 
approach of winter. The 
greater part of the surplus 


Nothing 
but blue 
skies . . . 


THE STOCKHOLM stock mar- 
ket looks set to continue its 
upward trend, analysts believe, 
largely because the Institutions 
are so flush with money that 
they have little choice but to 
channel it straight into the 
market 

In fact, when asked to men- 
tion any possible black clouds 
that might be looming on the 
horizon, the analysts simply 
scratch their heads— what they 
see is the prospect of more 
money entering the market at 
a time when no new issues are 
expected to mop up the surplus 
cash and when the economic 
picture is generally sound. 

True, Svenska Handels- 
banken, Sweden’s second larg- 
est commercial bank, this week 
came out with dire warnings 
about inflationary spirals and 
the need for the government 
to take a tough stance over the 
next wage round. 

“ Over-pessimistic," retorted 
the brokers. If the government 
does stand firm in the next two- 
year wage agreement, it could 
promise plenty of friction in 
the labour market Neverthe- 
less, analysts see no reason why 
the market should do anything 
else but continue upwards in 


supply, meanwhile. Is still at 
sea or In floating storage. 

Logically, there should now 
be a drastic fall in liftings of 
Gulf oil. However, with Iran 
in angry confrontation with 
Saudi Arabia as well as Kuwait 
following the bloody events in 
Mecca, the future of the Opec 
pact on production and prices 
looks very much in doubt 
Its durability depended very 
much on a lowest common 
denominator of understanding 
between Saudi Arabia and 
Iran. Until (and unless) 
developments In the Gulf, and 
some move towards ending the 
conflict, make a reconciliation 
possible, Opec probably will be 
hopelessly adrift 
Meanwhile, the meeting of 
the two co mi trees set up to 
oversee price and production 
discipline — with Saudi Arabia 
present but Iran, Kuwait and 
the UAE not represented— 
could prove a waste of time. 
And it is anyone's guess what 
the oil price will be at 'the 
end of the year. 

Richard Johns 


Doc 31. 1986-100 


(TAaataWbMt 


iso Sweden 

' in Sw Kroner 


110 - • 


Jan 1087 Fob Mar 
MMuiitMMri M iu 


Apr May Jun Jul 

a Cterfm 6 C* wM WM Mttwjta* CB IM. 


Mg Si 


the long term. The Veckans 
Affaerer total index dosed at 
1141.6 on Thursday, up 26.6 
per cent since the beginning of 
the year and has been staging 
a series of highs throughout 
the summer. 

Most of the money is com- 
ing from the institutional play- 
ers who have found that demand 
is much greater than supply. 
In particular, there are the 
wage-earner funds and “ alle- 
mansfondema ” (small savers’ 
funds), neither of which have 
even placed all the money at 
their disposal into the market. 
Analysts believe that these 
funds have the potential to 
place up to SKr 6bn in the 
market 

The wage-earner funds, which 
are detested by Swedish capital- 
ists because they allow the 
unions to use corporate profits 
to Increase their influence over 
companies, collect money three 
times a year. So far. they have 
not collected the full amount 
they are entitled to, which gives 
analysts hope that the index 
will move still higher. 

The “ allemanfondema ” are 
tax-advantaged savings funds 
for the man in the street and 
are managed by the banks. They 
have proved very popular with 
small savers who were allowed 
to place an extra SKr 5,000 
(instead of the usual SKr 800 
a month) in the funds at the 
end of June, bringing a flood 
of money to the market (esti- 
mated at between SKr 1.5bn- 
SKr 2bn so far this year). 

The special concession was 
intended to help curb private 
consumption and encourage the 
Swedes to save, save, save. 
Analysts are now speculating 
whether the government will 
try the tactic once again this 
autumn as worries about infla- 
tion intensify — it Is forecast to 
reach 5-6 per cent (December 
to December). 

For the small investor, the 
“ allemansfondema ” provides 
an easy route into the stock 
market, though brokers say that 
the private investors^ interest 


in buying and selling stocks 
during the summer months has 
generally been high. 

During August, the market 
showed a good surge in the 
first three weeks, then fell 
back over worries about inter- 
national interest rates. Turn- 
over during this week has 
been about SKr 400m daily. 
Most of the minor setbacks 
have come from uninspiring 
interim results — for example, 
Ericsson showed a setback in 
its half-year figures and was a 
big disappointment to those 
who thought the telecommuni- 
cations and electronics group 
had sorted out its financial 
difficulties. 

Volvo, however, got a 
favourable response from the 
market when it showed that its 
figures had picked up in the 
second quarter. Investors are 
still cautious about Volvo’s 
exposure In the States and to 
wbat extent it can hedge the 
dollar. 

The market received a strong 


Sweden 


fillip from the announcement 
that Asea, the electrical en- 
gineering group, would merge 
with its Swiss rival. Brown 
Boveri. In fact the engineering 
sector as a whole looks good and 
the sector index rose by 7.9 per 
cent in August. 

The banks have also won 
praise lately — earlier in the 
year, no one thought they would 
be able In match the high 
standards set In 1988, a year 
when the banks reported record 
profits as the rewards of earlier 
deregulatory measures. How- 
ever, analysts now believe that 
the drop in yearly profits will 
not be as great as originally 
expected. 

Sara Webb 


GOLD 

RUSH 



7 h i n r. 

„• i '->rv. ■;> U: 2:'; L: > ;■ . ; ; h s.' ; v .u \ i u 

i ay .'it l-,‘ fb ; i.sy; a; ' 

: ■.tJ'.Gs.'i-y. O ! h-.- n-.v isi'.-n 

yy.'Mi-.-v.Sc' tv. -it o: ;;v 
_ : i r 'x- yp'.'.T.i; Sii'.cv An'itvyi-viry 

L- n - w iih 17: ,<>*’* 1 o : p:1 ,-v ;• : ^ ho 
- \ 1 ■ t : i o v \ iiii li.o. L iV; s r. i -he !c;j dw.z 

lii.v.lhiy iii.i;; ;/■.!’•_• kv iotk : Li 
P! ihli (.'J h'iiirtilC’t!! 

! i; o 1 • r l": UlJ ivj:- 

i'iKffr..! : .hs .i- Uh: 

' v ' i •' ; s ; : i J L . v ^ r -■ ; 1 ; (.>! ! ! I < :■' 0 

G:: iuLruuDii Ivb yr.i: 

ih-.' ud - ;-.c ‘ i : : ; . 

G : i ' v i \ \ t‘ : ; • ; \ . i ; c : : .c !’ I 


L jhcrc N.h - ijor; w:n 

rkf.t K.:<' ■ •: :■ i i.tcv Anv.vi. 1 ; U 

: ; : . : V 1 to ! au-nit/u' .-..ttf', ;._c- :r: J : :sr ry 

. 7'kG LT M- 't;;v Vuu;a-jcr:iL".r. v.iii 

■ , Ink : :c,a ; i;u ;r:: ry. 

i..v' i ’ Fiir i::-;: ij 7 5 oar S:Ki-r 
.-Vii'ikcrsarv r ...j; i your . 



OUT OF EVERY THOUSAND POUNDS OF OUR INVESTORS' FUNDS 

WE MANAGE ON JUST THREE. 


Natural Dutch thrift, plus the fact that the Robeco 
Group is wholly owned by Its investors, i-a the share- 
holders, combine to keep operating costs down to 0.3 per 
cent of the value of funds under management less than a 
third of what UK unit trust management companies 
usually charge. It is only one of the many features that 
sets the Robeco Group apart from 
other types of investment Robeeoivl 2 

Building societies, for example, Robeco continues 
don't offer the prospect of capital the 6 months to 3C 
growth. We da by 12 ^%insterlin! 

Investment trusts' shares are 12 months the inci 
normally traded below their asset ^.K. interests wei 
value. Ours never are. S 

""""J®]”® Netherlands 15%, 
groups profit by their bid/offer other European cc 
spread, usually around 6 to 7 per Return the coupor 
cent We don’t have a bid/offer Semi-Annual Rep 
spread. brochure. 

But it's the size, global invest- — — 

merit base and performance of our four Robeco Group 
funds that makes us attractive to UK investors. 

Our £10 billion funds under management makes the 
Robeco Group easily the largest non-US independent 
investment group, in UK terms, bigger than Britain's top 
twenty investment trusts combined. 

Robeco Group fond managers invest in over three 
hundred blue chip companies in twenty countries. 
Investors can buy and sell shares in our funds on 19 stock 


Robeco up12£% In 6 months 

Robeco continues to perform well. In 
the 6 months to 30th June its value rose 
by 12.9% in sterling terms. Over the past 
12 months the increase was 34.4%. 

U.K. interests were expanded to 8% of 
the worldwide portfolio. Other major - 
areas are the U.S. with 31%, Japan 19%, 
Netherlands 15%, West Germany 8%, 
other European countries 7%. 

Return the coupon for the fatest Robeco 
Semi-Annual Report and explanatory 
brochure. 


exchanges or direct, through the Robeco Geneva 
Account facility. 

As for performance, the five-year record* speaks 
for itself. 

Robeco - up 374% The Group's original investment 
fond and still very much the flagship. Robeco invests in a 
truly international blue chip equities 
> in 6 months portfolio designed to produce 

perform well. In a balance between income and 
lune its value roste capital growth, 
rms. Over the past Rofinco - up 321% Established 

te was 34.4%. in 1965. Invests in a wide spread of 
"P 811 rS? to international equities with the em- 

olio. Omer major phasis on capital growth. 

Rorento - up 138% An intema- 
-“ y ' tional fixed-interest securities ac- 

■the fatest Robeco cumulator fond, established in 1974. 
and explanatory Aims to achieve maximum total 
return combining gains from income; 
- ■■ ■ capital values aid currency changes. 

Rodamco- up 130% A property fond established in 
1979, and invested worldwide in commercial property, 
such as shopping centres and office buildings. Rodamco 
seeks income with a reasonable capital appreciation. 

Some final points to note. 

Being Dutch we're used to working hard and expect 
our investments to do likewise. And Holland, with its 
liberal tax regime and global outfoolt provides the ideal 
environment for the foreign investor. 

VUtho and of Jutyt9fl7, interns of aerlng. tS brume refawastad. 








IV WEEKEND FT 


Financial Times Saturday September 5 1 1987. 



IF you're non-UK resident, or about to become so, discover 
how Nicholson Harris can help you take full advantage of 
your favourable tax status, allowing you to enjoy the benefits 
of tax-free income and capital growth, with security. 

Nicholson Harris is a totally independent company 
offering a continuous investment advisory service, tailored 
to the special needs of the non-UK resident 

If you have capital invested, or to be invested, in dollars, 
sterling or any other currency complete the coupon below-or 
telex 8814711-for further information, entirely without obligation. 


Pib" 

I 2S( 


Hich olsoa Trt^ j 

2S Qoeea Anne's Gate, London SWL TO: OJ-222 SAU-Tolax: 88147TL 

Fall Name: 


1 


Address: 


CspiUAvsflabls/CnrTgBqe- 


IBS NICHOLSON HABRIS 

A totuDy in dependent company ©flaring a continuous bwentment adrlsoty rentes, 
tailored to (he special needs ot the non-UK resident. 


J 


THE BEST BUILDING SOCIETY INVESTMENTS 

There are over 1,000 building society investments, and the interest 
rates on these vary amaderably.gyou want to be sure of not missing 
out mi die bargains, get the 
September issue of Money Observer. 

Formcluded with fins issue is a 
special 24 page survey telling you 
what interest rates are paid on every 
building society investment. It also 
tells you what each buOding society 
charges for mortgages. 

Copies of this September issue can be 

obtained from leading bookstalls 
now, price £1.95. Ait an even 

g rpfltpr ha rgam fa an arwnnl qihcrrip . 

don to what is Britain's best selling 
investment monthly. This costs just 
£18.50 (£27.50 overseas). 

You will abo get two free gifts: 

■jt Investment trusts No. 4 
Shareholder Bafts 



To: Mo ney Ob server, Freepost, Mitcham, Sooty CR4 9AR 

HinXTW Fk 3 se take cot a subsc ripti on to start with September. I 
lTIUllEil dam my free gifts and endnse a cheque for £ . 

OBSERVER 

Naira (Capitals only). 


023 


The Monthly Magazine tor Discerning Investors 


FINANCE &THE FAMILY 


With three weeks left, only two remain in it 

Pru keeps head in front 


WITH JUST three weeks to So 
before the end. the Great In- 
vestment Race is more competi- 
tive than ever. The leading 
teams, Prudential Portfolio 
Managers and Fidelity, are 
battling to be first past the post 

"The name of the game in any 
race Is to win," says Trevor 
Pollen of the Pru. “Of course we 
want to win, but Fidelity does, 
too." 

In the past few weeks, both 
teams have boosted their port- 
folios with a series of auda- 
ciously speculative investments. 
The Pru risked £167,500 by buy- 
ing shares in Unilever, but made 
£6,250 by selling the same day. 
Fidelity chanced £83,901 on 
Deutsche Bank and pocketed 
a profit of £14,358 five days 
later. 

The Great Investment Race 
has now been running for al- 
most a year. The six teams be- 
gan late last September, each 
with a portfolio worth £35,000 


provided by Prudential Unit 
Trust Managers, the sponsor of 
the race. 

Collectively, they have built 
them up into investments worth 
£924,432 so that Charity Pro- 
jects, the organiser, has a 
theoretical profit of more than 
£700,000 to donate to selected 
causes when the portfolios are 
liquidated. 

If the teams make the most 
of the final weeks. Charity Pro- 
jects could have much more to 
distribute. But if they make 
mistakes — and given the un- 
certain state of the world’s 
stock markets, this cannot be 
discounted — they could lose 
the money made so far. 

While the Pru and Fidelity 
engage in opportunistic invest- 
ment, other teams have pre- 
fered to bide their time and 
wait for appropriate moments 
to liquidate their portfolios. 

The value of Bell Lawrie’s 
investments has remained static 


at £47,604. Nomura’s portfolio 
has been boosted to £65,391 by 
toe progress of its sole stock, 
Nippon Business Consultants, 
and the strength of the yen. 

Hessel also has chosen a pas- 
sive approach in the past three 
weeks. It has sold Its shares in 
BAA, the latest privatisation 
issue, but the value of its hold- 
ings has waxed and waned with 
the stock market to £80,102. 

Even Hoare G overt, which 
lias dabbled in some daring in- 
vestments, has slowed down. It 
still holds a substantial £183,677 
portfolio of UK equities — and 
one opportunistic Australian in- 
vestment in Walhalla Mining 
— which it must liquidate be- 
fore the end of the race. 

At toe halfway stage Fidelity 
advocated caution, saying it 
preferred to retain its win- 
nings rather than risk them in 
the volatile world markets. Yet, 
with the finish nearing, it has 
been unable to withstand the 


temptation of trying to regain 
its lost leadership from the 
Pru. 

In the past three weeks, 
Fidelity has sold its BAA hold- 
ing and staged a more spectacu- 
lar coup by buying 1,000 shares 
in Jax Co. a Japanese stock, 
for £4.884 and selling them the 
following day for £11,223. 

Fidelity scored a similar suc- 
cess by profiting from toe de- 
mise of Sir Phil Harris, the 
entrepreneurial retailer who 
fell from grace last month. By 
buying and selling its holding 
in Harris Queensway within five 
days, it pocketed £1,400. The 
Deutsche Bank investment pro. 
vided a further profit of £14,358. 

Yet, Fidelity has also been 
busy buying as well as wheel- 
ing and dealing. It has acquired 
holdings in Osaka Building, 
Ginza Yamagateya and Sony in 
Japan, and in Goldstar in the 
US. A fortnight ago. its port- 
folio peaked at £265.713, It has 
since declined to £234,739 but 



that is still 15 per cent higher 
than three weeks ago. 

Fidelity might be hard on its 
heels but the Pru is still well 
in *hp lead with investments 
now worth £312,928. The. Uni- 
lever deal might have been its 
most audacious in the past three 
weeks but the Pro’s team also 
made £4480 by dabbling in 
Hitachi Cable convertible bonds 
for a day. 

The team also has sold off 


long-held stocks such as Att- 
woods, Lee International and 
Dai Nippon. Similarly, it bought 
50,000 shares in STC for 
£ 140,000 and sold them the 
same day for £142,000. 

From now on, the priority 
will be to choose the most suit- 
able moment to sell tile remain- 
ing stocks. But, as Trevor 
Pullen puts it "If an oppor- 
tunity to make money presents 
itself, we will jump at it." 


Trust takes small view 


THE PRU thinks jt has found 
a gap in the unit trust market 
which it plans to exploit with 
the Hotoorn International 
Small Companies Trust being 
launched this weekend. 

The group’s UK small com- 
panies trust introduced in 
September last year, has done 
well rising by 67.6 per cent, 
some 10 per cent above the 
increase in the FT All-Share 
Index during the same period. 
But toe Pru thinks it can use 
Its special expertise in invest- 
ing in small companies to Just 
as good effect on an inter- 
national basis while at the 
same time spreading the risk 
over a wider range of markets. 

In fact the bulk of the In- 
ternational Small Companies 
fund’s portfolio (some 50 to 55 
per cent of the total) will be 
invested in the US. Trevor 
Pullen, the Pro’s investment 
chief, believes the American 
entrepreneurial spirit tends to 
help small companies In parti- 
cular. In other areas, he notes, 
like Japan aod Europe, fledgling 
companies tend to be financed 
by banks rather than relying 
on capital from toe equity 
markets. 

Pullen says the move into 
International markets does not 


reflect any immediate concern 
about toe UK market prospects 
— indeed the initial portfolio 
will have 15-20 per cent in 
British small companies. The 
atm behind the launch is to 
broaden the existing range of 
10 Holborn unit trusts still 
further and make the most o£ 
the apparent ability of smaller 
companies to perform better 
than their larger brethren. 

The Pru claims that two 
years after Its entry into the 
unit trust market; it has moved 
into the top 10 largest manage- 
ment groups with assets in its 
trust rising to £IJ25ba This 
puts it just above Hill Samuel. 
Abbey Life and N. M. Schroder. 

Last year sales of Holborn 
unit trusts jumped by fSllm. 
It now has around 175,000 unit 
holders — many of whom are 
first-time buyers of unit trusts 
— with an average investment 
of £2,300 each. 

The Tniwitnwm sales objective 
for the new International 
Smaller Companies Trust is 
£50m but the Pro has made 
special arrangements to cope 
with an expected flood of appli- 
cations that might well reach 

£100m. 

To try to avoid toe paper- 
work delays that have maned 


several launches of this size, 
toe group has drafted in 70 
more staff who will be running 
a dealing service available 
seven days a week from 8 am 
to 8 pm during the opening offer 
period which ends at 6 pm on 
September 25. It is hoped that 
this extra administrative back- 
up will allow contract notes to 
be issued within 24 hours of 
the order being placed and 
certificates to be despatched 
within four to six weeks. 
Extra lines have been added 
to the Holborn linkline (0800- 
010345) which allows immedi- 
ate unit trust purchases without 
paperwork. 

During the offer period there 
will be a fixed price of 50p per 
unit, with the Pro’s normal 
minimum investment of £ 1 , 000 . 
Initial (front load) charge Is 
5 per cent and there Is an 
annual manag ement fee of 1 

per cent 

The new fund will be sold 
by toe group's direct sales 
force, but the Pro says ft is 
now selling a larger proportion 
of its unit trusts through inter- 
mediaries or by off-the-page 
advertising, as investors become 
more sophisticated. 

John Edwards 


Royal’s £300m target 


*. 


THE LIFE insurance com- 
panies have made a consider- 
able impact in the unfit trust 
market using their financial 
muscle to challenge the tradi- 
tional management groups. 
However, the campaign plan- 
ned to launch a new range of 
unit trusts by Royal Life, with 
an expenditure of nearly £ 6 m 
and a sales target of £300m is 
staggering by any standards. 

Royal Life Fund Manage- 
ment, a company formed to 
merge the unit trusts pre- 
viously run by Royal Insurance 
and Lloyds Life, has decided 
to go flat out for the potential 
new investors, setting a mini- 
mum investment of only £250 
in their new funds and backing 
it with a huge TV and Press 
advertising campaign. 

So this week TV vfewers 
found themselves being bom- 
barded with details of three 
new unit trusts from Royal Life 
mixed in with the pet food and 
cosmetics advertisements. 

This will not just be a pass- 
ing event According to Peter 
Baines, general manager of 
RLFM, the TV advertisement 
will be seen 286 million times— 
presumably not by the same 
viewer. 

TV is not the only advertis- 
ing medium being used in the 


Weekend Business 


DISTRIBUTORS REQUIRED 

for marketing of Rheumatism and Arthritis product approved by D.H.S.S. for 
over the counter sales to registered pharmacists. Principals only reply. 

Write Box F7607 

Financial Times, 10 Cannon Street, London EC4P 48Y 


Business for Sale 


U.S. BUSINESSES FOR SAUE 

Manufacturer of etanie motors. in panjariw dated pofe mton. TomowSHmfBfea. Ftetn 
profit 10%. Located Mid-West. Available at book value 55.5 diMHob. 
AJr-cowiitiann®. sales, nuUauon and service— stale-wide Ftomta. Commercial and rcsdcn- 
tiaL Turnover J4-5 nriOon. Pre-tax profits 5500,000. Price S3 adUon-casb down $2 mibon. 
Ctmoa: Peter K. Miller, 

BEmSH AMERICAN INVESTMENTS INC, 

Suite 1001, 1555 Palm Beat* Lakes BM, 

West Paha Beadb. Florida 33401. U.SA 

PH- 305 689 8W8 - Teh* 466740 


5 Store Pharmacy 
Group for sale 
Turnover £3,000,000 
Net Branch profits £330,000 
Offers in the region of 
£1.7 million + stock 
Apply Box No . 


US PUBLIC COMPANY 


A NASDAQ eBtfbta 
steuMftrs. SI ~ 
nit or merger. Gent 


Hi orcr 2,000 

Available far 
rttoanuabte. 


For W onwatton please said you company 
Monntioa « 

VINTAGE SWOP INC. 

OS mb A Tome, Suite SOI 
Sn Rated. M 94901 
USA 


Businesses 

Wanted 


B5N60 CLUBS 
REWIRED 

£300 to £500 per admission per 
week depending on potential. 
Principals only, please reply to: 
BOX H2462 
Financial Times 

30 £CaP aBYI 


SOUTH DEVON 
Near Tortpsy 

LUCRATIVE PICK A PAW 
MMpMreaiiaKRUMtnm. 
Appro* M *tk. Farm Shop, Ftombome, 
Batary, Plant Production NiMery. Ftrtber 
potential. Budgeted 7.0^700,000 Nfh NJ>. 
Freehold £550,000+. 

F»a«t us 

Thfe total znm. 


Hotels and 
Licensed 
Premises 


WARWICK 

WeO known long licromrd 

restaurant. Prime py-ftfrn jg County 
Town. Good access motorway*, etc. 
Lined fivefold h-rfMfr-g 

Comer site 

Offm around £285,000 
aufafa trade Jtxtura, goodwill 

Charles R. Phillips, 

Henky-in-Arden, 

West Midlands (05642) 2186. 


THE LEGAL PROFESSION 


MllcaiM ten October 1A1SS7 


AewW aam an i CoartamOaliflBT 


The Financial Times proposes to publish this survey on the above date. A 
number of areas will be covered hrtutfng! 

Euro-fewyers 

National taws v International Business 
Austrian law and lawyers 
ga t rtstsfB and dories 

Editorial Information; 

Please address all Inquiries or suggestions c o nce rn ed with the editorial 
content of this survey in writing to the Surveys Editor. 
Advertising Information; 

Information on advertising can ba obtained from Claire Broughton, 
telephone 01-248 8000 extension 323d or your usual Financial Times 
representative. 


FINANCIAL TIMES 


amours bjsness nshhwer 

UMXM ■ nMMnRT - REN VC9X 

Qatrib or ftan*d Hera »WS « sohfact ta dm#) at ta taster of ta l 


Educational 



BAVARIA HOTEL PROFESSIONAL 
COLLEGE ALTOTTING 


Tie fist bold profesdonal college in the tutu 
i i the Jldds of isuenuttiosal 


Battuta Institute Jor advanced iratafqg 
and gaswnomy 


THE TWO-YEAR HOTEL PROFESSIONAL COLLEGE 
offers the degree 

QUALIFIED BUSINESS ECONOMIST 
FOR HOTELLERIE AND GASTRONOMY 

Course beginning: each September 

Master’s examination and trainer aptitude ex a mina tion are integrated 
Practice oriented professional training for international top 
management. The courses and training objectives were conceived in 
dose co-operation with the Bavarian State Ministry for Education and 
Culture, die Bavarian State Institute for School Pedagogy and 
Educational Science and the Government of Upper Bavaria 
Internationally acknowledged educators and lecturers from 

1 schools as well as from 
j train the executives of 

the future 

The following caones are also offered: 

ONE-YEAR HOTEL VOCATIONAL SCHOOL WITH 
GOVERNMENT APPROVED FINAL EXAMINATION 
Beginning cadi March and September 

SIX-MONTH SPECIAL GASTRONOM1CAL COURSE 
Fm Un a training in the fields of language, business-law 
technical, theory and practice 
BegU uiin g each Much and September 

A tte n dan ce of the hotel profariotal school esn be supported by the state in t auati oittl 
C MMi Nfa g fa r the tfe welo p ment aod ofgjniarian of hotel professional cottages 

Phase request Jbr information Jim of charge; 

Bavaria Hotel Professional College Allotting 
Enuncrtinger Strasse 12, D-8265 Nendtting 
TdU D-(08671) 7001 2203 - Telex; 56924 bavho d 


The most renowned school for 
French 

INSTITUT DE 
FRANCAIS 

Overlooking the Riviera's most beautiful bay 


LODGING IN PRIVATE APARTMENTS AND 2 MEALS INCLUDED 
For Adults 8 levels from beginner I to advanced II 
Next available 4 -week all-dap immersion programme starts 

28 September, 26 October 

Years pfres&arch & experience In the effective teaching of Frtneh to adults 

SNSinur DE FRANCAIS - FT15 23 Av Gevt&al-Lectora 
06230 VBtefren cl ie- OT -inflr - Tel: (S3) 01-88-44 - 
Telex: 970989 F 


Announcing on important NEWpemims handbook 
from the Fmandai Times 


PENSIONS 

The Gov ernm ent’s recent pension legislation 
has given more freedom of choice to the 
individual than ever before. But this new 
independence has brought a risk of confusion 
with bewildering interpretations and dififering 


Pensions, a new financial Times 
handbook, cues through the perplexity of 
legislation and conflicting advice to give you an 
incisive analysis of the personal pensions scene. 

Financial advisers, employers and employees 
alike will benefit from Personal Pensions, the 
latest addition to the highly respected FT 
pensions magazine and book titles. 

Jhnrmdablestzfc, this t^-JO-dattbooMook covert 

• how the plans work 

• portability 

• employers’ and employees* contributions 

• how to claim tax relief . 

• tax benefits 

• pensions mortgages, and much more. 

The author, Janet WaMord, is the editor of 

Money Management, Britain’s foremost 
personal finance magazine. She is pensions 
journalist of the year and a former insurance 
journalist of the wear; The book also indudes a 
foreword by the Rl Hod. Norman Fowled 
outlining the government posirion. 

Whether you are advising on pensions or 
choosing one for yourself. Personal Pensions wiQ 
enable you to make the right decision, both now 
and in the future. And to make the most of your . 
freedom of choice. 

lb order your copy and be fully informed 
about the personal pensions same before their 
introduction in January 1988, complete the 
attached form and tecum it with, your payment. 


Please return to- (Mail order address only) 

The Marketing Dcpc- 
FnunddTuinSeiw^Znftrouoon 
7* Float 5«W4 Broadway, London SW1 HOOT 
TH; 01-799 2002. 


Order 

Form 


Priocpawp: > 


’ ofT’EBSONAL PENSIONS 
50 ovascar 


I tndost my ch ape wht cX/USS ■ . m*k payable to 
FT Btnmea Infocuution. 

I with oo gay by credit md (dUffc choice): 

PI Via Q Access Q American Eqxeas 
Cad No. 

r i i i i i i [ i Tin i i i n 

GndExpoyDus- 


□ 


(BLOCK, CAPTIUS PLEASE) 


Uric. 


Orpnicttioo- 

AA W 


ft g gw fc . 


Coun 07 _ 




Pfcoc allow 38 ibyi fee ddivenr. Rrftindtare pi-enon bootarcmracd in 
perfect condition and wshm /daysafreoeipc. 

ScgisEKd Office Bracken Hour. 10 Camion Seeec, London ECtf 4B£ 
fUgBtjercd m England KaJSttiSfi EL 


£5.9m campaign. The national 
Press, commercial radio and 
even poster sites are being 
used to promote the new 
trusts. Travellers on British 
Rail will now be able to pass 
the time waiting for their 
delayed trains by studying the 
posters at their stations. 

The unit trust industry 
already relies very heavily on 
the Press for both promoting 
and selling their funds. Even 
so, Peter Baines thinks that 
management groups have not 
been presenting their wares in 
the way he is doing with his 
sew foods. 

Readers will be able to judge 
the effectiveness of tins 
approach for themselves. But 
the whole approach to the 
marketing is refreshingly dif- 
ferent Royal Life Fund Mana- 
gers, with consultants Moozgate 
Group, have adopted the style 
of a company share flotation 
to promote these new trusts. 
The prime aim is to reach a 
far wider investor market than 
the usual one for unit trusts. 
The trust brochures are being 
presented in ..the form of a 
company prospectus. 

Away from the advertising 
razzmatazz, the investor new to 
unit trusts can quietly discover 
for himself what unit trusts 
really are and how they work, 
details of the new trusts and 
their investment- strategies, 
the nature of the risks and re- 
wards and other relevant detail. 
No investor will possibly be 
able to claim subsequently that 
they were not given sufficient 
information on the trusts being 
offered. 

It comes as something of an 
anticlimax to discover that the 
trusts being promoted in this 
flamboyant way are somewhat 


mundane, despite their packag- 
ing. The three funds, are; 

• An International Cautionary 
Fund investing in fixed interest 
and blue chip equities to out- 
perform building society re- 
turns; 

• An International Growth 
Fund to outperform the FT- 
Actuanes World Index — the 
first time this comparatively 
new measure has been used by 
a UK investment institution as 
a performance target; and 

• An International Speculative 
Fund— with no preset invest- 
ment target; its aim is simply 
to get the highest return pos- 
sible. 

Often when a lot of money 
is spent promoting a product, 
the product itself tends to he 
inferior and overpriced. . 

All Royal needs now is an 
investment performance to 
match its promotional drive 
demonstrating that its produet 
is not inferior. To date its 
overall performance has been 
little above average. - 

On the pricing aspect the 
Charges are 5.25 per cent initial 
and 1 per cent annual — In line 
with the market. The minimum 
investment is £250, with a 1 
jper cent discount for invest- 
ment of £500 or more. 

So the campaign, called the 
Royal Life Fund Managers 
Event of 1987, will really have 
to do well to recoup its outlay. 

Indeed it will have to 
penetrate deeply into-, the 
conservative building society- 
orientated investor sector to 
achieve toe sales target of 
£800m in September. 

The whole industry will be 
watching closely to see if Royal 
can break new ground' in 
marketing unit trusts to the 
masses. 

Eric Short 


r 


fa 






Launch 
date set 


THE OFFICIAL launch date for 
Britain’s planned new gold bul- 
lion coin, the Britannia, has 
been fixed for October 13 and 
it will be available to the pub- 
lic the next day. 

Nigel Lawson, Chancellor of 
the Exchequer, announced in 
March the plan by the Royal 
Mint to enter the international 
gold bullion coin market which 
has become highly competitive, 
since the restrictions imposed 
on imports of South African 
Krugerrands. However, toe 
other competitors, such as Aus- 
tralia, Canada and the US, are 
using domestic mine production 
for their coins while Britain 
will have to rely on supplies 
bought on toe world gold mar- 
ket 

The 22-carat gold Britannia 
will be minted in four sizes — 
1 ounce, li ounce, li ounce 
and one-tenth ounce. It will 
feature a portrait of the Queen 
by Raphael Maklouf on one side 



•V- 




. — « 




and a specially .commissioned 
design of Britannia on toe other. 

To qualitfy as legal tender 
the coins have- a theoretical 
face value — £100 in the ease 
of . toe one-ounce coins — but 
the actual price will be based 
on the gold bullion price on 
the day of purchase plus a pre- 
mium to cover the cost of manu- 
facture and distribution. 

Primary distributors have al- 
ready been appointed in the UK 
and five international markets — 
Germany, Hong Kong, Japan, 
Switzerland and the US. De- 
tails of retail distribution out- 
lets will be announced later. 

JE. 


Extra interest 



BANK OF Scotland is intro- 
ducing some Improvements to 
its Home and Office Banking 
Service (HOBS). 

Two new, higher-interest rate 
bands are being added. Merest 
on deposits over £ 100,000 is 
now set at only 0.5 per cent 
below base rate, and at 0.75 per 
cent below ior balances between 
£50,000 and £100,000. 

The 'lower tiers are tot- 
changed, with 3 per cent below 


base. being paid on deposits of 
less than £ 1 , 000 . 

The bank also is bringing in 
foster processing arrangements, 
allowing information to be 
available on screen between 
8 pm and midnight. Previously, 
you had to wait until 8 am the 
following day. This change 
means home-based customers 
tan use toe service at toe 
cheapest time, with no Prestel 
charges between € pm and 8 am 
and reduced telephone costs. 




!■. -I- '■< 


10 •! 




Rate cut stays 

home loan rates, applying from gage B beSueen and 

ffr&ywrjrt. jsssTSsSS 

rise, which has forced mortgage meanwhile CZBC, which cut 
lenders to cancel previous cuts. home loan rate by 085 » 
fof one month, loans of cently, has raised it back to the 
over £75,000 will be available old level of 11 j. percent - 

















WEEKEND FT V 




. Financial Times Satorday September 5 1987 


* FINANCE &THE FAMILY 






are 
to I 


TRUSTS AND UNIT TRUSTS COMPARED 

Investment trusts 

Figures to Jn!y 31 1987, mid to mid, income reinvested. 

Average performance by category. 


Pensions 


m is 


mm 




siiar 

1 aa d 

y :^ 

am. •t'-L j. 


Puts iP. L .e 


1 ®*e -i* 
e «*>: 


arg 


tiB,. 

rtU-'-t :ja i! s' 

wSXfc 

• -IV 0 ^ &*■ 

' feouju, 


IsteraaaoM . 

I 

* c -.d fc 

'*■-* =asbf 

lW t=sat a*.' 
•■=*55# Ura l 

!s r32*U0a£i 5/ 
j." . '?L; 

Mo;; 

ProsotM-.- 

!ae» 

SQi o’-rjr^ 

I’-ai Er?:; ~ 
[•• ??*:£ 
prrz’i; 1 ' 
tars- 
:aitr.3: “ 
?erfj:r.SBa’ : ‘ 
-•c sverssa, 

- ?/:«=* 

:r.? S-aps-jf 

•T WS! «£££- 
~.£Ti’el Ij»: 
Ht -i £15v, i; 

. w:m:& 

£5L.;» :: 


:• t 

S: 'T-7 ~ 
•-vs 5 v:j 1=! 
d j:w.: * 
!>* Si’«: u 

‘.Vjl > 

^ ZiV P 

s =s 


-i 

- i4- 


•;. — i 


. ■ * 




« *^ d * 


. j 

Uc&v 


5 2J r 


THE INVESTMENT ' trust 
industry -has- always marie the 
blanket claim . Oat its products 
perform better than unit trusts. 
Comparisons are usually based 
on the average performance 
figure for the whole investment 
trust sector against the Unit- 
holder. Index, a measure of 
unit trust performance which 
has been calculated by Money 
Management for some years 
but is not used widely in the 
unit trust industry itself. 

Part of the problem of com- 
parison is that the two indus- 
tries are very different. There 
are more than 1.000 unit trusts, 
divided, into six .UK and .11 
international sectors. Divest- 
ment trusts shown in the* Asso- 
ciation of Investment Trusts’ 
monthly figures number fewer 
than 150, spread over 13 
categories. 

On the whole, the investment 
trust industry has gone more 
for general than specialised 
funds. The unit trust industry 
has a well-developed range of 
funds, some of them ' very 
specialised. Investment trusts 
also have more of a name for 
balanced objectives— that is,-for 
providing income growth as 
well as capital growth. . — 

There are signs that, invest- 
ment trusts are going more the 
way of unit trusts in both these 
respects. An investment trust . 
linked to the Spanish market 
was launched recently, and the. 
number of trusts designed to 
produce capital growth with a' 
negligible yield is also growing. 

Investment trust figures are 
quoted mid-market to mid- 
market whereas those .for unit 
trusts are usually Shown on an . 
offer-to-bid bads. This puts unit 
trusts at a slight disadvantage 
and means that the return ., 
shown for the investment trusts 
is a little higher than foe inves- 
tor would actually get. . . ; 

To compare the two Invest- 


Capital Arlncomc Growth : 

lyr 

Jyrs 

5yn 

UK — 

77.1 

219.9 

423 J9 

Income Growth 

Capital Growth: 

55A 

176.9 

377.2 

International 

43J> 

149.5 

323.7 

Norte America 

27.7 

75A 

199.8 

Far East 

50A 

153.7 

388.1 

Japan - 

16.8 

117.6 

408^ 

Commodity M Energy ... 

Unit tanks 

96.6 

854 

144a 

Figure* to July 31 1937, mid to mid, income reinvested. 
Average performance by sector. 


UK General 

*yr 

3yn 

5yrs 

52.6 

i67a 

369.6 

UK Equity Income 

57^ 

184.6 

363a 

International Growth 

32.8 

111* 

251-6 

Norte American Growth ... 

12.6 

56a 

165-8 

Far East Growth 

46.7 

146.1 

280.3 

Japan Growth. 

10.8 

146-3 

411.8 

Commodity & Energy 

113.5 

90.0 

177.6 


Getting the message on videos 


Sours*: Association of Inrrstmtnc Trust Cotnptnlaa/OPAL 


merits more closely, we have 
taken seven sectors or cate- 
gories from each, showing the 
avenge sector performance in 
each case. 

The main difference between 
rtiwn is that the investment 
trust ’ ' categories are much 
smaller than the unit trust 
sectors. For instance, the one- 
year average for the Income 
Growth category is based on 
the performance of 10 invest- 
ment trust companies, compared 
with 105 unit trusts in the UK 
Equity Income sector. 

The comparison, as you can 
see from the table, comes down 
on the side of investment 
trusts, which perform better in 
14 of the 21 results shown. The 
avenge unit trust has done 
better in the income category 
over the shorter terms, in Japan 
over die longer terms, and in 
the Commodity and Energy 
sector throughout. 

- This, coincides with the 
results of a comparison made 
in January where top Japan 
unit trusts seemed to have out- 
performed the corresponding 
investment trusts. 

It might be argued that since 
the unit trust sectors are so 
much bigger, you should expect 
a wider range of performance; 
thus, top performers might 
have done better and worst per- 
formers worse than in the 
investment .trust categories. 

• To test this theory, we took 


top and bottom performers for 
four of the major sectors. How- 
ever, it is difficult to see a clear 
pattern emerging from this 
exercise. In the Capital and 
Income Growth: UK category, 
the average investment trust 
performance had beaten the 
average UK General unit trust 
over all periods, though the 
worst performing unit trust had 
in all cases outperformed the 
worst performing investment 
trust. 

The investment trusts have 
also been much more successful 
than the unit trusts at investing 
in North America, and have 
been more successful at protect- 
ing investors during difficult 
markets. Worst performers re- 
turned 23J2 per cent, 53.7 per 
cent and 165.4 per cent over 
one, three and five years, com- 
pared with 5.5 per 'cent, 4.6 
per cent and 76.9 per cent 
among the unit trusts. 


COMING SOON at your local 
company training room: the 
War of the Pensions videos. 

You guffawed at the predica- 
ment of comedian Lenny 
1 Henry In the video produced 
; for the National Association of 
, Pension Funds. But among 
the rival TV personalities 
lined up in competing videos 
are Roy Kinnear, Jeremy 
Beadle, Chris Searle, James 
Boiam, Richard Stilgoe, Peter 
Jones and Sir Michael Hordern* 

A large percentage of the 
membership of Actors' Equity 
appears to have gained employ- 
ment by courtesy of a variety 
of firms of actuaries, pension 
consultants and insuran ce com- 
panies. 

At the last count, nine 
different videos had been pro- 
duced to help put over the 


pension plans. 

Although the start date for 
personal pensions has 9Upped 
bade by three months to July, 
employees will still be able to 
backdate them to April, 

However, the impartiality of 
some of these videos is 
decidedly suspect. Most of 
them are sponsored by advisers 
to company pension schemes. 
They are presumably motivated 
by a desire to show that they 
are supporting their corporate 
clients. 


Television is a powerful but 
expensive medium. Clearly, 
many big firms within the pen- 
sions industry feel that the 
price is worth paying to put 
over a very complex message. 
Alternatives such as brochures 
might . simply generate yawns 
among the target audience, the 


Remember that the NAFF 
video ended with a desperate 
Henry being nailed into a 
coffin by a grinning under- 
taker, played by the same 
actor who in an earlier scene 
had doubled as a personal pen- 
sions salesman. 

A similar loaded message is 
put across by several of the 
newer videos. For instance, in 
a spoof game show The 
Decision’s Yours hosted by 
unctuous quizmaster Jeremy 
Beadle, it soon becomes 
apparent which contestant is 
going to be able to afford the 
top prize of a world cruise (at 
retirement, of course). 

Naive Bill, the first contest- 
ant, chooses Serps, the State 
earnings-related pension scheme. 
Ambitious Roger prefers a 
personal plan, which be is con- 


decided ly obscure rules, ends 
with the score Bill 18, Roger 20, 
Kate 27. 


Others make a greater attempt 
at impartiality, although some- 
times at the cost of clarity of 
message. For instance, an 
elaborate Video Arts production 
depicts James Boiam as an out- 
of -season Ebenezer Scrooge 
haunted by the ghost of Birth- 
days Yet To Come. 

At least this video makes 
workmanlike attempts to explain 
that the decision about opting 
for a personal plan could depend 
upon factors like age and 
mobility. Standard life Assur- 
ance had a hand in financing 
this one. 

However, there is not a lot to 
be said in favour of the video 
produced for consulting actuary 
R. Watson. A pair of wacky 


They have titles like The 
Choice Is Yours and Pensions 
In I98S— Your Future. 

One particular trap into 
which videos are tending to fall 
is their assumption that com- 
panies pay contributions into 
their pension schemes on their 
employees’ behalf. 

Companies usually will refuse 
to pay anything towards a per 
sonal plan, it is suggested, but 
may contribute as much as 
twice an employee’s payments 
into an occupational scheme. 
Bat the fact is that at the 
moment, many companies are 
paying nothing into their 
schemes because they are en- 
joying so-called “contributions 
holidays which could last for 
several years in a large number 
of cases. 

With the best will in the 


to company pension schemes. 
Remember that next year will 
see the introduction of the 
right of scheme members to 
opt out of their companies* 
arrangements and set up their 
own private and personal 


slon schemes, few of whom 
have any financial expertise. 

But can a 15-minute video 
deal with all the complicated 
issues fairly, while at the same 
time holding the attention of 
its audience? 


bright Kate opts to stay with her 
company scheme. 

Given that tins video is spon- 
sored by pension consultant 
William M. Mercer Fraser, it 
is not altogether surprising that 
the game, played according to 


five Agency set out to solve the 
mystery of the personal pen- 
sions choice. " Pass me the ice- 
pack,’’ says one, but it doesn’t 
help much. 

So, watch out for these videos 
when they go on general release. 




turn into misrepresentation. At 
the very least, the videos will 
need to be backed up by exten- 
sive documentation and expert 
explanations. 

Barry Riley 


It is hard to pinpoint any 
good reason for these big dif- 
ferences in performance. 

Using the A TTG sector aver- 
age over one and five years and 
the OPAL unit trust average 
over the same periods, the com- 
parison continues to favour 
investment trusts, with 53.0 per 
cent and 341.6 per cent growth, 
compared with the unit trusts’ 
41.95 per cent and 282.78 per 
cent. 

Christine Stopp 


Coming soon 
to your local 
company 
tr aining room- 
a host of TV 
stars to help 
you reach 
a decision on 
retirement 




•j " 

r * * • 



James Boiam 


Sir Michael Hordern 


Chris Serle 


Roy Kinnear 


Take care when 
you come home 


Action time for personal plans 




RETIREMENT' ‘HERALDS a status, terminal leave pay (even 
period of great change, par- .-if it extends beyond that date), 
ticularly if you are an expatriate provident fund maturities and 


returning to Britain: Ton 4n-v. (is nost cases) pension cora- 
the addJtiotiaf proMOte- of mutation. ' 


re-integrating youisdf after' ani : . Hds last ^ point .is- of, .the 
absence which- conKT - have - utmost importance and de man ds 


sparined many- years: 7 - •' . , - the- flpep Mention bf : . all who 

This ; taeans. H'?iSaBS* SS* 

Lents incorporate, the rigSrto 


and while personal considers- .gsatSTSTKEta wh35 « 
tions wm be paramount, taxa-^ SlSrtf <£ a^ump sumT 
tlon should never be. far from h * * Hn 


your thoughts. 


In deciding what to do, you 
should remember that while 


You. wfil. regain the states of onjy-90 per cent of any pension 
resident (and, where it did not you draw will be subject to tax 
apply .already, domicile as '/those belonging to UK-based 


apply already, aomicue as (those belonging to UK-based 
well). As a . result, income pre- schemes wil be taxed on the 


vioudy exempt will became vstoote pension); the corn- 
taxable. Interest on British mu tgtion lump sum will be tax- 


Goyenunent securities, exempt exempt totally if a substantial 


whil e ^yo u were non-resi dent, of your pensionable service 
will attract tax. for all payments has been overseas^ 


after your- arrival. 


As. a result, maximum com- 


Surprismgly, some British mutation Is the norm, although 
income is • taxable retrospec- . tm -planning considerations 


tively from the first day of the often point to investment for a 
tax year to. v which residence modest yield with a view to 


status changes. This Includes achieving the lower-taxed bene- 
income from National: Savings fits of capital gains. 


investment accounts and income Naturally, resuming UK resi- 


and deposit bonds, as. well as dence also ends the total 
bank - and-- -building . society exemption from British capital 
deposits. If you. have substan- gains tax. Bui In any case, you 
tial investments of this idnd/ ghould not overlook the fact 


you would dQ well to transfer that this exemption extends 


any gfinr ridised -after IIK 
residence is resumed axe sub- 
ject to income tax. 

Remember, too, that non- 
working spouses with British 
places oT abode might already 
be UK residents and, hence, 
liable to capital gains tax (sub- 
ject, of course, to the £6,600 
a year exemption) even before 
your move to Britain. 

One tax which your return 
probably will not affect is 
inheritance tax, since UK 
domicfiiarieg are liable in full 
even when they live overseas. 

dearly, therefore, this is 
also the point at which your 
potential liability to this tax 
and the means by which you 
might mitigate it — whether 
by the provisions of your wfil 
or otherwise — should be con- 
sidered. 

• Donald Elkin is a director 
of "Wilfred T. Fry, of Worthing. 

Donald Eft™ 


LAST WEEK, the Government 
announced that the starting 
date for personal pensions had 
been postponed from the begin- 
ning of January to July 1 next 
year because of tee revised 
timetable for the implementa- 
tion Of tile financial services 
legislation. 

What are the practical im- 
plications of this delay for 
employees who are, or will be, 
considering taking out personal 
p ensions ? 

• Employees net to a co mpany 
pension scheme ' r 
' If the intention is solely to 
take tee minimum appropriate 
pension so as to be able to con- 
tract-out of tee State Earnings 
Related Pension Scheme, teen 
the employee must wait until 
July 1. However, you can make 
all tee necessary inquiries 
before that date and almost cer- 
tainly salesmen will not post- 
pone their promotion schemes. 

More important, tee contract 
can be back-dated to April 6, 
1987, so that the full rebate 
contribution will be paid for 
the tax year 1987/88 Including 
the 2 per cent incentive pay- 
ment for that year. - 

Employees will have a choice 
of contracts, including those 
from tee new providers — banks, 
building societies and unit 
trusts — as well as from life 
companies, the existing main 
suppliers. 

If you intend to make addi- 
tional contributions, with or 
without your employer’s help. 


then you have two choices for 
investing extra contributions; 
either wait until July 1, when 
you will have the full choice of 
contracts, or, if you plan to 
take out a contract from a life 
company, you can take action 
now. The earlier the start, the 
greater tee ultimate benefits. 

Employees not in a company 
pension scheme are eligible for 
Retirement Annuity Contracts, 
re f erred to as Section 226 poli- 
cies (named after the relevant 
section in the 1970 Income and 
Corporation Taxes Act). These 
contracts are not exclusive to 
tee self-employed. 

Such employees can invest 
the intended extra contribu- 
tions in a 226 policy before the 
end of the current tax year 1987- 
1988, thereby receiving tee 
benefit of an extra years con- 
tribution. These contracts will 
now be available until June 30, 
1988. 

These policies have tee same 
investment funds as the new- 
style pension — Indeed tee lay- 
man will find it very difficult to 
distinguish between tee two 
contracts. But there are dif- 
ferences generally in the favour 
of 226 contracts. 

In particular, a higher pro- 
portion of tee benefits from a 
226 contract can be taken as 
tax-free cash, compared with 
personal pensions. 

Admittedly, you can take tee 
benefits from a personal pen- 
sion at 50, while you have to 
wait until 60 to enjoy the fruits 


of a 226 contract. But if yon 
want to get your money ear- 
lier, you will be able to switch 
from a 226 contract into a per- 
sonal pension. There is no 
switch the other way. 

However, tee benefits of a 
226 contract need not be con- 
fined solely to those contribu- 
tions for 1987-88 and 1988-89. 
If the contract is designed to 
take variable j>ayments, either 
on an annual or single pezminm 
basis, teen all future extra con- 
tributions can be' put into a 226 
contract 

Some life companies, such as 
Standard Life Assurance, do 
not have 226 contracts with this 
facility. So employees need to 
check on this point before in- 
vesting. 

Remember, too, that the 
£150,000 limit on the cash sum 
applies to each pension arrange- 
ment. Therefore ensure that 
tee contract is written as a 
cluster of policies, so that tee 
cate limit is £150,000 for each 
policy. 

Employees not in a company 
scheme can take out tee mini- 
mum personal pension on July 
1. to contract-out of Serps. 


But if you are leaving your 
company scheme in favour of 
a personal pension, yon will still 


have to wait until July 1. 

On tee other hand, if you 
are in a contract-out scheme 
and you plan to take a per- 
sonal pension, then you should 
leave the scheme on April 6 
to qualify for the fall year’s 
rebate. It Is more complex to 
backdate contractedout than 
contracted-in. 

The postponement of the 
starting- date for personal 
pensions has opened a loop- 
hole in tee conditions govern- 
ing tee payment of tee incen- 
tive contribution. 

Previously, an employee leav- 
ing a contracted-out company 
scheme to take a personal 
pension was not eligible for the 
incentive payment if he had at 
least two years’ membership of 
the company scheme. 

Now if you leave on April 6 
you could be eligible for the 
incentive on July 1. The Depart- 
ment of Health and Social 
Security is looking into the 
position and one can expect 
loopholes to be closed in the 
regulations formalising the 
postponement. 

If you intend paying extra 
contributions then you can use 
a 226 contract as described 
above, but starting from the 
tax year 1988/89. 

The postponement has pro- 
vided this option that previously 
would not have been available. 

It needs to be emphasised 


though this is not obligatory. 
Indeed, men over 50 could well 


Indeed, men over 50 could well 
be better off staying in Serps. 


• Employees in a co m pany 
scheme 


Employees wiB be able to opt 
out of an existing company 
scheme, or decline to join, from 
April 6 X988. 


teat you should consider very 
carefully before coming out 
of a good company pension 
scheme. 

The postponement of per- 
sonal pensions means teat 
employers can put their com- 
pany scheme alternatives to 
personal pensions, such as 
Contracted-Out Money Pur- 
chase Schemes (Comps), to 
place by April 6, 1988— that is 
before personal pensions 
become available. 

So employees will be in a 
better position to check on 
employers’ arrangements 
before making their own. 


• The self-employed 

The postponement is good 
news for the self-employed. 
They can use 226 contracts for 
another six months before they 
disappear — an extension which 
takes teem into another tax 
year. But it does mean making 
arrangements early instead of 
waiting until tee end of the tax 
year as is customary. 

The life companies intend to 
mount a major promotional 
campaign to publicise these con- 
cepts and push 226 contracts for 
all they are worth. The post- 
ponement means they have six 
more months before new com- 
petitors appear on the scene 
and they intend to make maxi- 
mum use of this extra selling 
period. 

Eric Short 


the, funds concerned to offshore , n r^Ty to gains realised while 


r-’M-; accounts .in tee. tax year before yon are non-resident, not to 


your arrival. 


Overseas incmne which con- accrned. 


merely 


tin ties beyond the dale of That is why it is so important 


arrival in tee UK will attract 'either to realise investments 
tax. But Income from a source whidr have achieved substan- 


disposed . of before becoming - tial capital gains or, to tee case 
resident will escape liability, of those you wish to retain, to 


Overseas deposit interest from “bed and breakfast” them 
an account-dosed immediately ; before the change of Status 


before arrival will avoid tax- comes about (Or, in tee case 


altogether. 


of those whose non-residence 


Same receipts from^ overseas does not extend beyond 36 
will be exempt from tax to any months, to the previous tax 


event Examples . include re- year.) 


nume ration 


te rminal . This is crucial in the case of 


bonuses relating to services offshore funds which do not 
before tee change of residence: have distributing status, since 


RW 




_ **&#&&& 

£3 

mar'- 

)***'<- 


THE BEST PENNY SHARE GAMBLES 

Each year, MoaeyObserver’s editor John 
Davis carries out an exhaustive review of 
penny stores and selects those teat offer 
best yatae fix, money. ; IE you. have, 
followed ha animal haps you win have 
made handsome gains. Tin 1986 selec- 
tions, for instance, included Excalibur 
Jewellery ' and: ArTialggrraitgd ' Financial 
Investments, whkh ; went oa to record 
gains of 1,490 and 1,194 per cent 
respectivtiyi - Overall Ms 1986 naps 
produced gains averaging 391 per cent. 

If yori do not mat to miss bat on &b 1987 
review get tei 116 page issue of Money 
Observer, available at leading bookstalls now, priced £1.95. Bat 
even bets? yjfaeis ait amrml subsc rip t i on to Britain's top selling 
investment monthly . It costs aady.fiI8.50 (£27.50 overseas). 
Youwifiabo grt two free gifts : 



.* Investment Trusts No. 4 
•Shareholder Perks. 



To ; Money Observer, , Freepcat Mitcham, Surrey CR4 9AR. 

MONEYS^™ 8 sM ^ 8cE ^ jt * Bi sttit *** 

OBSERVER I claim my free gifts & enclose a cheque for 


Look no further for offshore Investments. 


(CAPITALS ONLY) 


Tyndall Guardian and WestAvon offshore 
funds have merged to give you the exciting 
new management and advisory services of 
lyndall International, not to mention 24 high- 
performance funds. 

If you are bewildered by the choice, 


Tyndall Irrtemationalwill be happy to give you a 
closer look at our range. Phone John Hunter on 
0481 27963 or write to Tyndall International 

(Guernsey) Ltd., PO Box mm <T'„ 

276, Borough House, li lyndall 
St Peter Port, Guernsey, a rather special service 


■■■ 


LJ- Ja 








VI WEEKEND FT 


Financial Times Saturday September 5 - 1987 


FINANCE &THE FAMILY 








A poll tax is 
nothing new 


THIS AUTUMN the parliamen- 
tary stage is set for a comedy 
called “Poll Tax." It could be 
panned by the critics as a 
fiasco. For it is a re-run: a 
re-worked script ; a classic case 
of history repeating itself, with 
nothing learned since. 

A poll tax— “hitherto 
unheard of," according to the 
chronideT Thomas Waisingham 
•—was levied in 1377, 1379 and 
1381. Both Edward HI and his 
successor, Richard It, had 
stepped np the wars with 
France with the royal coffers 
nearly empty and the troops 
were on the point of desertion. 
Parliament, then in its infancy, 
was asked to devise a tax that 
would bring in a lot of money 
fast. 

The “poll" tax seemed the 
solution. Literally a “head" 
count levy, every adult in the 
realm had to pay it. It was 
unpopular, grudgingly con- 
ceded— and triggered. In 1381. 
the Peasants* Revolt, the only 
significant popular rebellion in 
England during the middle 
ages. Led by Wat Tyler and 
John Rail, rioting crowds from 
East Anglia and the Home 
Counties marched on London 
and actually occupied the Tower 
before initial success gave way 
before ruthless oppression. 

The problem was making the 
poll tax socially acceptable. The 
first levy was set at the (very 
low) level of one groat (four- 
pence. then equivalent to about 
one and a half days' unskilled 
labour) for every male or 
female over the age of 14 The 
higher levels of the nobility, 
and the clergy, paid three 
groats. The only exception, as 
in both the subsequent applica- 


It caused riots in 
the 14th century 
and we’ve learned 
nothing since, 
says Gunter Kowa 


tions of poll tax, was “ genuine 
beggars a precedent for com- 
passion which seems lost on 
present Government ministers. 

The next poll tax, in 1879. was 
assessed on a social scale. 
Dukes, earls, judges and the 
Mayor of London were at the 
top of the paying league, along 
with " each archbishop, each 
bishop, abbot and prior." Then 
came the lower nobility, mer- 
chants, government an d muni- 
cipal officers, as well as the 
lower clergy (in a middling tax 
bracket 12 pence to 40 shil- 
lings); and finally, at fourpence 
a head, all remaining adults 
over 14. 

Obviously, collection of the 
tax was cumbersome and time- 
consuming. It was also fiscally 
unsatisfactory: revenue actually 
fell, from £21,600 in 1377 to 
£18.654 in 1379. What both 
efforts did produce, though, was 
a wealth of documentary infor- 
mation about medieval English 
society, with statistics which are 
now invaluable to the social 
historian. It was on these that 
the success of the 1381 poll tax 
was measured. 

In November 1380 Parliament 
convened in Northampton and 
granted, with misgivings, a levy 
of £100,000— in those days 
regarded as a fantastic sum — 
to be raised by- a general poll 


tax. The clergy, “who occupy a 
third part of the realm, " 
obliged by paying a third. The 
rest of the tax burden fell once 
again on the whole adult popu- 
lation (this time over the age 
of 15). There was a social sop 
of sorts; each rural or municipal 
community was allotted a quota 
equivalent to one shilling per 
head, the rich helping out the 
poor by paying a proportion- 
ately greater sum. But this left 
the common folk at the mercy 
of the wealthy— and often 
enough, in any case, there were 
no wealthy people to help out 
Tax evasion was rife. 

Today's civil servants, 
engaged In the task of construc- 
ing a scheme for the collection 
(and enforcement) of our 
proposed poll tax, may find 
some dubious inspiration in the 

experience of their medieval 
predecessors. The administra- 
tive procedures of 1381 included 
sworn collectors and controllers 
appointed for every area to 
assess, levy and collect the tax. 
They were authorised to seek 
out the numbers, names, rank 
and estate of all persons liable 
to pay. In this task they were 
assisted by constables, mayors 
and bailiffs— and in effect they 
carried out a census. 

First returns were disappoint- 
ing. The central government of 
the realm suspected mass 
evasion and corruption. So 
commissions of inspectors were 
sent out, with power to arrest 
and imprison roe disobedient. 
In effect they carried out 
another census. 

It was indeed likely that they 
should do so, because the early 
returns had also suggested a 
catastrophic loss of population. 
Between 3377 and 1381 the 
population of Somerset, for 
example, Is supposed to have 
fallen from 54604 to 26,124; 
that of Suffolk from 58,610 to 
31,734; and of London from 
23,314 to 20,897 (on a recount). 

Returns from the villages 
show that the most common 
evasion ploy was to “forget” 
dependent womenfolk: daugh- 
ters, widows, sisters. Feist ed. in 
Essex, reported 101 men and 
only 64 women. The control 
co mmissi oners got tough. There 
were excesses like virginity 
tests enforced on some young 
girls to establish their marital 
status. 

Public grievances came to- 
gether in public riots, cul- 
minating in the march on Lon- 
don in June 138L Historians 
have drawn sobering conclu- 
sions from these events. 
T. F. Tout declared: “ The 
extreme incompetence of the 
administration was a wide- 
spread grievance which, if 
bearing most heavily on the 
poor, touched every rank of 
society . . • The fault was a 
xnnliBh determination to enforce 
a thoroughly distasteful order 
in the face of public 
opposition. 1 ! • . . 


An inspector’s call 


When completing my income 
tax return a month or two 
ago I gave particulars of 
income received gross 
(January- April 1987) on 
government stock purchased 
through the post office in 
November 1986. 

My inspector of taxes is 
now asking me to estimate 
the interest I expect to receive 
during the period 1987-88 
from this stock. 

Would you kindly explain to 
me the reason for such a 
request? 

So that be may make an assess- 
ment upon you for 1987-68, 
probably, and collect the tax on 
New Year’s Day (although the 
tax collector’s office will in fact 
be closed for the first three 
days of 1988). If any of the 
interest falls due between 
January 3 and the end of the 
tax year, you can ask for the 
appropriate amount of tax to be 
held over (subject to a possible 
interest charge for late pay- 
ment) until the respective due 
date or dates, by virtue of an 
unpublished extrastatutory con- 
cession. This concession appears 
still to exist, although it has 
been omitted from roe latest 
supplement to the 1985 booklet 
of concessions, HU. If you 
wish to take advantage of this 
concession you should tell the 
inspector that you wish the 
1938-89 assessment to be made 
on the current-year basis, in 
accordance with section 
120(1) (c) of the Income and 
Corporation Taxes Act 1970 (as 
re-enacted in the forthcoming 
Consolidation Bill). We could 
have given you a simpler and 
more helpful answer if you had 
given u& more precise back- 
ground data. Why not ask the 
inspector foe reason for his 
request? 


Solicitor 
is right 


I am doing my own 

conveyancing for the sale of 
part of a field and the 
purchaser’s so licit or says that, 
on completion, he will require 
tiie deed for the field in order 
to endorse a memorandum 
recording the sale of the part. 

I know that this b customary 
but there is a possibility that 
foe memorandum might be 
vague or contain an error 
which could cause modi 
trouble after many years. 
SedresB would seem to be 
fcnpossBrie as I have no 
contractual relationship with 
the p u rahan e ri s solicitor. 

(a) does the purchaser's 
solicitor have fob right? 

(b) If not, could he require ray 



WHAT KIND 
OF INVESTOR 
ARE YOU? 


From the very cautious to die speculative, Etna's new Managed 
Investment Portfolio can provide you with a unit trust investment to suit 

your individual approach. 

Five tailored investment options are available — all managed by ./Etna's top 
performing investment experts and at no extra charge to you. 

Minimum Investment only £2,500 
1% Discount on investments of £5,000 or more 



‘Sniio; Planted Savings statistics as at I August 1 987. WtigUed maaje fafmace (d fiadQ of tfe 30 faqest mat trust gimps. 


Far more 
information 
ring our Customer 
Care Centre free on 

0800 010 969 

Open each weekday 8 am to 8 pm 


send this coupon to: Ama. FREEPOST. London EC1B IN A. 

;o^ ' Surname (Mr/Mrs/Ms) - - — 

Forenames _ - Birth 


Address 


Postcode. 


■ Name of your usual 

financial adviser. 


■ 

i 

i 


>Bna Unit Trusts lid. 401 St John Street London ECIV 4QE 



permission as a condition of 
completing the sale? 

'Hie purchasers solicitor does 
have the right: yon can agree 
with him in advance the form 
of the endorsement. 


Claim for 
interest 

I am a trustee (one of two) 
for the pension fund o I a 
company which went into 
liquidation some four years ago. 
Fending winding-up of the 
scheme, the invested money 
continued to earn interest (it 
remained in the London and 
Manchester Company’s 
Investment Funds) 

October 31 1986, when the fund 
was worth £69L227.53. 

At this stage It was agreed 

♦tint the members ghonM 

have a choice as to where to 
invest their money (leave R 
where it was. move to 
another fund!, have a paid 
up pension etc). Members 
were given three mouths to 
decide, although it has in 
fact taken longer. 

Now that the money is to be 
paid over in the near future, 

I have sought (with other 
members) to obtain from 
London and Manchester 
interest on the money from 
the declaration of the amounts 
in November 1986. 

Initially they rejected the 
matter out of hand, but I 
persisted and they have new - 
stated that they will:— 
a. Give three months interest 
to 30.4$ 7 at 10 per cent per 
annum, on the sums owing 
to myself and the other 
members I have Joined with. 


b. They will continue fids 
rate of interest from month. 
to month, front 1.7.87 until 
3L12J37, when the matter 
will be reviewed. 

I have replied that It is not 
reasonable for them to 
retain interest for the five 
months ended March 31 1987, 
as that money was held by 
them on trust for the members. 
I have also said that more 
fhflq 10 per eat t could be 
earned in a building society, 
and I hare asked them what 
rate they actually obtained. 

I believe the other trustee 
will join with me to sue the 
company if necessary, X 
should be grateful for your 
advice concerning the 
possibility of success in such - 
an action. 

Wo can see no good reason why 
the whole of foe interest earned 
on pension fond assets should 
not be paid to the pension fond 
trustees. Your reasoning is 
correct. You and your co-trustee 
have a duty to recover the 
whole amount of foe i nterest 
actually earned, by litigation if 
need be. 

Expenses 

refused 

In 1967 my father's wifi, 
established a trust with my ' 
mother as life beneficiary. I 
was (me of two trustees 
appointed, My mother died in 
1985 and we are now realising 
the assets of the trust There 
are five beneficiaries: the 
trustees for one-third, each and 
three others receiving one-pfnfh 
each. The original assets are 
of about £17,000, and although, 
all income was disbursed and - 



No legal nspoaMOty ’ mu bv 
occepced by tea Financial Tima* for 
tfu anaema ghnm bt dm* ooiimiu. 
/VI Inquiries will ba aoswwrtd Ay 
poet a* toon at posalUa. 


substantial CGT paid on 
transactions during the lire of 
foe trust, nevertheless the 
original £17,090 has grown to 
over £170,060. Naturally over 
the years the time devoted to 
managing the growth of the 
income and capital of the trust 
has been substantial and 
willingly given. 

£ac& year when the trust 
accounts were prepared by a 
professional accountant my 
actual out-of-pocket expenses, 
as a trustee, were recorded, but 
not paid. Nevertheless they 
were deducted from the gross 
income, thus reducing the tax 
liability. The gross amount of 
my claimed expenses was 
retained in the trust, in c lu din g 
for all correspondence involved. 
Between 1967 and 1985 out-of- 
pocket expenses related to 
correspondence totalled £291 
pins £886 for travel expenses. 
Since 1985 costs excluding 
travel have been £90. 

At a recent meeting foe 
beneficiaries refused my 
request for a contribution of 
£S3&41p, although they were 
enjoying tax benefits of about 
£365 cm. the expenses that I had 
Incurred on their behalf. 
Because each trustee is a 
one-third beneficiary. In effect £ 
was seeking from the other 
tonefiefarfeg a collective 
contribution of £228. lip, from 
tiie tax benefit received on 
expenses I had paid. 

If’ foe sums you seek are for 
disbursements which you have 
actually paid and are shown as 
expenses of the trust in the 
trust accounts yon should be 
reimbursed for them out of the 
trust fund. You would sot be 
entitled to remuneration unless 
the will expressly so provides. 


Bank is 
wrong 


Iii February my hank,. Uqjds, 
sold 1,000 Sound Diffusion 
shares on my behalf. My 
account has yet to be credited 
with foe proceeds of the sale. 
But when I contacted my bank 
they said that their brokers 
have lost track of the share 
certificate. 

I recently received a letter 
from my bank saying it was 
necessary for me to sign an 
indemnity form absolving foe 
bank from all blame ami costs 
etc involving the transaction. 

I told a bank employee that I 

would net complete this 
document. Her response was; 

* It Is out of my hands.*’ 

I feel that after about five . 
the “indemnity farm* 
only ad d« Insult to injury. Do 
you consider that my refusal to 
sign this document could make 
any difference? 

Since the certificate was lost 
before any attempt bad been 
made to send it on to you we 
agree that it would be wrong 
for the bank to ask you to sign 
an Indemnity. That .should be 
done by the bank or by Its 
broker without charge to yon. 
Alternatively the brokers and 
the bank might press the com- 
pany to issue a duplicate certifi- 
cate without an. indemnity if 
the loss occurred before tiie 
brokers could have received the 
certificate, but the law as to this 
aspect is still unclear. If the 
bank persists in trying to get 
you to give or pay for an 
indemnity, you can refer the 
matter to the Banking Ombuds- 
man, 5-11 Fetter Lone, London 
EG4A 1BR. 


BRIDGE 


TO ATTACK the declarer's 
entries may be the only way 
of defeating his contract. Look 
at this deal from robber 
bridge: 

N 

*652 
J 10 5 
O 10 9 4 3 

* A 8 7 

W E 

* AKQ98 * 10 43 

07 0 9 3 

O K J8 7 0 6 5 

* Q J 10 * K 9 6 4 3 2 

S 

* 3 7 

9AKQS642 
O A Q 2 

* 5 

With North-SOoth vulnerable. 
Sooth dealt and opened with 
tyre hearts. West overcalled 
with two spades, -and North 
raised to three : hearts, and 
South’s bid! of four hearts was 
followed by three passes. 

West led the ace of spades. 


East dropping the three, and 
continued with king - and 
queen. South ruffed the third 
lead, crossed to the ace of 
dobs, ruffed a rfab high, and 
entered dummy via the 10 of 
hearts. He ruffed the last dub, 
drew East’s remaining trump 
with foe knave of hearts, and 
returned dummy's 10 of 
diamonds. East produced the 
five, and the declarer Jet the 
10 run. West took with Us 
knave, and was endplayed. A 
spade return would concede a 
ruff discard, allowing dummy 
to ruff and South to throw his 
queen of diamonds; a diamond 
would run Into foie declarer’s 
ten ace. 

Let us put an expat in 
West's seat 

After cashing the spade 
honours, he can see the threat 
iff an endplay if South Is able 
to strip dummy of spades and 
diamonds. To do this, he heeds 
three entries to dummy, -plus- 
one extra entry to lead foe dia- 
mond from the table. He has 
two entries in the knave and 10 
of hearts, and cow in tiie ace of 
dubs. The expert West 


does not lead a third spade and 
so allow South to ruff without 
using one of his entries. He 
shrewdly leads the ■ seven of 
hearts at trick three, and South 
goes down. 

Now for a vintage hand from 
the maestro, Culbertson: 

N 

* 5 4 
ri Q 5 
OK Q 9 

* A KQ9 6 2 

W E 

♦ K 7 3 « A 2 

© J 8 7 2 OK 9 6 3 
07 6 42 OAJ10 3 

* 8 4 * J 10 7 

S 

* Q J 10 9 8 6 
O A 10 4 

0 8 5 

* 5 3 • 

At love all South dealt,' and 
after two passes North bid one 
dnb. East* came }o with . one 
diamond, and. South said one 
spade. Nortb xebid three chibs. 
South said, three . ^ades, and 
North raised. to font spades. ^- 
Instead of leading ids part- 
ner’s suit. West led the eight 
of riuhs. This was primarily to 


attack the dub communkatimi 
between declarer and dummy, 
but there was also the idea of 
making a third-round ruff. 
Winning with dummy's queen, 
• declarer returned a spade, and 
West’s king captured foe queen. 
West continued with Ids other 
dub, the king took, and the last 
spade was led. East won per- 
force with his ace, and now 
made the key play — he led 
the knave of diamonds, trusting 
his partner to hold a third 
trump. This fine return forced 
the declarer to use dummy's 
entry in that suit before it could 
be of any advantage. 

Soostb played dummy’s ace of 
clubs and discarded his other 
diamond. West ruffed, led the 
two of diamonds, completing a 
.peter. East covered dummy's 
kin g, and South ruffed. Hoping 
that West held the king, 
declarer led a low heart; bat 
fate was unkind and foe con- 
-p'tract failed by two tricks. 

. Great defence — — an imagin- 
ative opening lead by West, and 
fine cooperation by East 

E. P. C. Cotter 


CHESS 


THE JUNIOR world chess 
championship, for players under 
20, has traditionally been a 
proving ground for Russia’s 
contendere for the senior title. 
Former winners include 
Spassky, Karpov and Kasparov, 
as well as Sokolov and Yusupov 
who are prominent candidates. 
This year’s junior world, held 
at Baguio City in the Philip- 
pines, included three Russians 
as wen as grandmasters and 
masters from the US and 
Western Europe. 

All were outclassed by the 
17-year-old Indian champion 
Viswanethan Anand, who scored 
10/13 ahead of Russian silver 
and bronze medallists, with an 
American fourth. Anand has 
competed several times in 
Britain’s annual Lloyds Bank 
Open where he gained a reputa- 
tion for extremely fast play, 
coupled with an alert, tactical 
vision. ’ 

The new champion’s best 
game at Baguio tested a crucial 
question is chess theory. The 
Ruy - Lopez 1 P-K4 P-K4; 2 
N-KB3, N-QB3; 3 B-N5 has 
been a favourite of many great 
champions, such as Bobby 
Fischer and Anatoly Karpov. 
The QN5 bishop restrains the 
black centre, but what happens 
if Black simply chases away and 
removes the dangerous bishop 
by P-QRS. F-QN4 and N-QR4? 

Some believe font Black can 
do Just that and tint opening 
books should be rewritten. The 
bishop chase is specially popular 
in Norway, whose grandmaster 
champion was No, 1 seed at 
Baguio. Black failed to prove 
fare argument at the board, but 
doubts remain. 

White: V. Anand (India). 

Black: S. Agfesfeia (Norway). 

Bay Lopez (Junior world 
championship 1987). 

1 F-K4, N-QB3; 2 N-KB3, 
P-K4; 3 B-N5, P-QRS; 4 B-R4, 
P-QN4; 5 R-N3, N-R4; 6 M 1, 
P-Q3; 7 PQ4, NxB; 8 KPXN, 
P-KB3; 9 N-B3, JB-N2; 10 N-KR4 
N-K2. 


Black’s difficulties in this 
game derive from his king 
trapped in tiie centre* unable 
to castle. Mon active is 10... 
<*Q2; 11 P-B4 0-0-0: 12 N-BS, 
N-K2; 13 P-Q4 P-QB4; 14 PxP 
ep, QxF. 

II PxP. QPXP; 12 Q-BS, QQ2; 
IS R-Ql. QX3; 14 N-Q51 

An astute novelty In place of 
B-K3, P-KR4! when Black can 
offer a queen exchange by 
Q-KN5. 

14 NxN; 15 PsN. Q-B2; 16 
P-B4, B-K2; 17 N-B5, RQ1; 18 
B-K3.F-N& 

The key to White’s plan is 
that Black remains unable to 
castle because of 18... 0-0; IB 
B-R6! With tile black king 
stranded. Whits can simply 


build on his advantage in space 
and development until a break- 
through opportunity occurs. 

19 N-Rfi. Q-N2; 20 Q-N3, 
B-QB1; 21 F-KR4! BQ3; 22 Q-B3, 
B-K2; 23 QR-B1, PxP; 24 PxP, 
R-Bl; 25 P-B5, P-B4; 26 B-N5, 
BxB; 27 PxB, Q-K2; 28 Q-KN3, 
P-B5; 29 Q-R4, P-K5; 80 P.-Q6! 

Starting the derisive attack; 
H PXP; 31 PxP, BXP? 32 RxB 
Ch- 30...Q-K4: 31 PxP, RxR cb; 
82 BxR, P-Kfi? 

Losing at once; Black should 
try QxP (B2); 33 IWT4, BxN; 
34 QxB, R-B4 

33 K-Q8 ch, K-K2; 34 N-N8 ch! 
SxN; 35 RxR, B-K3; 36 P-Q, 

PxP ch; 37 QxP, BxQ; 38 BxB, 
Resigns. 


PROBLEM No 687 
BLACK (3 HEN) 



WHITE (5 HSQ 

White mates in two moves, 
a&unst any defence (by H. V. 
Tuxen). 

SOLUTION Pago XWI 

Leonard Barden 


APPOINTMENTS 

ADVERTISING 

£43 par single column 
centimetre 

Premium, "oshlonx Will be 
charged £52 per 
single column eendmeer# 
For further btfermazkm call: 

91-248 4782 
Daniel Beny Ext 3456 
'Tessa Taylor Ext 3351 


This advertisement is issued in c omp liance with the Regulations of The Stodc Exchange . 



‘iNati 

1 

O 

ieAng] 

Sen Building 

Qjt 



(Incorporated in En g l and under the Building Societies Act 1874) ' 

Placing of £20,000,000 1 0% per cent Bonds 
doe 12th September, 1988 


Gffte,P.O. Box No. 

1987 and untM* September, 1987 ^ bcptembcr * 

Prebon Sterling Ltd., Rowe & Pitman Ltd.. 

34*40 ^ ~1_MI 4 T!B W a * 


London 


Ludgate H3I, 
mEC4M7JT 


1 Finsbury Avenue, 

London EC2M2PA 


Sfo September, 1987 


MAXIMUM 

INCOME 

ACCOUNT 

SERIES! 


9.75* 

13.36% 


(net 

P-*) 


MAXIMUM INCOME ACCfltlNT 1 
SERIES n " 

3YEARTERMSHARE 2 YEAR TERM SHARE 

9.75 X (net pa.) 9.25l ww 
13.36% 12.67% «• 




PREMIUM 

SHARE 

ACCOUNT 


general 


8.5X 
1164% mP 


(bet 

P-*) 




WEEKEND FT VH 


KfiiShe, 



... 

"25*5 

^C|i . i. 
"■I, 1 

anti, 

r 0D» 

hrg^ O 

,0i ‘° $nS§ W 


S%5 

011 

eaie, 

55»y' 

SSSaii 


da *4!5s* 

“•SB* 

031 ftf 


<rai o« / J'V 

.*1 Un» j?* &u«., 1 
****8?^ 
SSSSS 


■ baav. n 
&!?& 
*®i6 

flt.tCU*' .“ ---Ss 

'» ®5snl/* 

s *«:« Stoji 

15 s? -u -JJ 

s*rs:s»- .r^t 

J. l £ ,, f « JSj’i 

1 1 3 .*? Bag; 

■", ***8 Co**- 
n *?<**?: ™ 
yrtvr ;5 ^ & - 

■ c ^rse* 
i? w;-*- 

•- -.-T “f 2 ^: 

•J ' € -^fdte- 

,;‘ ; '= -&afe 

• - r.t; -u^d f" 

W fcnr twtV 
*‘~. -'•' a= c 

«? cljr „ 

L: -.' tsai* 

*7; li p tic ’ 1 

ir.-» £35 *»-. 
<\:r>7 :: ■£] 
VJf J^jir k J-w 
■ " y CC*«i2T^. 

• p’*>*s aiaii 

iiscrijt 
>i- v.'e>: rtfs. 

i::i.*3jrij ce. 

t;.< ov.esi: 
ri S.:r± nS;: 
“*V»: irs.'i s 
-*■ '.eS t ■»»■£ 
;* -rji'.ii si: 

• J< d Sy ws 

vr.T.VTr:i":1: 

.'P-:rir.:;trt: 

E. P, C( 


’iM>BL£H StS 

SLACK SIB 


ja.. ? ft 

I — - *-»-- 


ucrEisies 

■ - ■• tc" 
T^l. r - T. 

a".- ia* 31 ' 
.ir?fOX 

L^caarf s 




Bauds 

3, Sod# 


1 j Ij -' 

-■ ■* *: Nr 
»» - " 




5§sf 

Vii^' 


llif 


Financial Times Saturday September 5 1987 






iPBjg^ggaB 








gsmsg 


WE’RE 

LAUNCHING 

SOMETHING 

BIG ON 
SEPT. 30th 






.V? 7 ’ .rs;r .• »’v 




SSKSi 


We name this launch the “Royal Life Fund Managers Event of 1987.” 

So crack open your champagne for probably the biggest investment issue of its kind ever seen. 
Because the time has come for everyone to share in the success of the world's top companies. 
Companies whose performance, when harnessed together in a unit trust, offers an investment 

H Uy more exciting and versatile than any single share issue. 

iP. IBM. Honda. Nestle, Marks & Spencer, Mitsubishi, 
-Cola and many, many more. 

iu know. Others will be less familiar, but all have the potential 
performers in the world's stock markets, 
price leap must not be expected when dealings commence, 
iisceming investors this will be more than offset by the ex- 
6 prospects for capital growth in the medium to long term, 
vith shares, the value of your unit holdings and the income 
)m them can fall as well as rise. • 

(on can take- part in the Event with as little as £250. and 
applications can be made from 9th September 1987. 
The launch offer closes at 5 p.m. on 30th September 1987. 
The name to remember is Royal, a group which already 
manages assets in excess of £11 billion. 

’t miss the Event of 1987. Send the coupon to the 
address below OR phone Royal (free of charge! for a 
us at anytime on 0800 400 401 . 


itus at 


■PRIORITY PROSPECTUS REQUEST -X 




DISCOUNT 1 
FOR 

INVESTMENTS 
OF £500' 
OR MORE 




lb obtain your copy of the “Royal Event” prospectus pbone 0800 400 401 or 
complete and return this coupon (no stamp required), 
k To: The “Royal Event’.’ FREEPOST BS 3333, Bristol BS1 4YR 
^ Please send me a copy of the “Royal Event” prospectus and details of the 
[A 1% introductory discount ! understand I am under no obligation. 

Sfl^k Surname (Mc/Mrs/Miss). 

IHa First Names : 


Address 


it H E- 


L I Ffl F 


r G E R S 


| K OVAL Lire f.UHD MARAGEMCHT LIMITED 


Postcode 

! currently invest in Unit Trusts □ Shares □ 

(Uck as appropriate) 

Name ofFinancial Adviser (if any) 


Note:1hisofl&iSDQtavailabteio the United States 
or toresideois of the Republic of Eire. 


A MEMBER OF THE DN1T TRUST ASSOCIATION 


J 


? ■ J 'yv .• — J. • - ' • 










Financial Tunes Saturday September 5 WST 


Vin WEEKEND FT 





footsteps of the Mayans 


CHRISTINA 
MACKENZIE 
visits temples, 
palaces and pyramids 
in the dense jangles 
of Guatemala 

A FEW kilometres after cross- 
ing into Guatemala's mountain- 
ous Huehuetenango region 
from Mexico, you may well 
decide to turn bade— put off by 
the state of the roads and the 
road-blocks. Don’t, because 
these mild irritations disappear 
to give way to a land of 
spectacular countryside, Mayan 
ruins 2 nd colourful villages. 

Huehuetenango was one 0 . 
the regions which suffered most 
from guerrilla problems a few 
years ago, but the only remain- 
ing outward sign of trouble is 
the bridges: there are none. 
They were blown up by toe 
guerrillas, or the army. 

Temporary structures have 
been erected in some places, 
but in others one uses what 
remains of the bridges as best 
one can. The Guatemalans take 
it all in their stride, and 
explain that thanks to the 
pctruUa cizril, the civilian 
patrols, the region is now 
reasonably safe. 

We had our first encounter 


with the pctntllo civil a few 
kilometres after the border, 
when our bus was stopped at a 
little outpost, complete with 
sandbags and flag, by a group 
of rag-tag looking peasants 
armed with rifles and machetes. 

They were all smiles as they 
studiously examined our paw- 
ports . . • upside down. We 
came across these patrols every 
four kilometres or so within the 

Huehuetenango region and 

then they disappeared, never to 
be seen again. 

Our first overnight stop was 
in Panajachel, a small town on 
the shores of Lake Atman 
which nestles among the vol- 
canic peaks of the Sierra Madre. 
Next morning we soaked up 
the sun for an hour while cross- 
ing the lake to the village of 
Santiago de Atitten, where our 
guide took us to a small hut 
which serves as the shrine of 
Machimjn, a Saint Simon figure 
absorbed into the Mayan deity. 
In fact he Is a crudely-fashioned 
wooden sculpture, no taller than 
a kneeling man, with a cowboy- 
style hat set jauntily and a 
large cigar between his teeth. 

The air was heavy with in- 
cense and candle-smoke, the 
ceiling h ung with dozens of 
plastic banners interspersed 
with little boxes which emitted 
bird twitterings, and the low 


Holidays & Travel 

BANK OF NOVA SCOTIA 
Deposit Notes 14%% 

A ik$ 5U,000, 0G0 due 1990 

In accordance wWi the terms an) ran titow 
iralded tor in Uie retain* oarto ageny 
a greements, notice Is hereby tt* 0 w 
resignation of 

THE BANK OF NOVA SCOTIA 
Brussels Branch 

66, Boulevard de Klmpri'atrfee _ 

P-100Q Brussedls, Belgium. 

as sriMMytag agent lor the awMWithwd 
issue. ■ 

TWs resignation wfll take effect as at the dose 
of business 30m October, 1987. 

BangtM Gtntrak da 
m ea ilwur g SJL 

Fiscal Agent and Principal I 

Payleg age* 

September % 1W7 


IVYSIDE Hotel 

A* Mi Wntgate-on-Sea.ltHt 
rtfl srahort family bote!, squash, sauna 

Jv*7 b» Soumoorswximng pottfs snooker. 

0»aes room, ntterutuents Adancmg. 
UtJtrcoooef^tam^MtKbalniw c T.V 

2? . OKCMiDFRB 

flk/VL * * * 

1C]* Bratton 1880)31182 


Yachts and 
Powercraft 


STATIUS IN LOfUJONT- T*e a tamnrsenlee 
unartmetn in Sl James's front oily fag <P<” 
VATl pernWrt fartwo. Enerj comfort. Extccon- 
oal Blue, rfjder Street Ctantes. 3 Ryto Sl 


oal Blue. HytteT Street Claim 
Duke S', St Jmtufs. UMian 
2Z4L 


YACHT 108ft 

Huge Luxurious Living 
Space 

Every mod-con Conv 
Minesweeper hull, with new 
everything 

So a snip at £320.000 
Tel: France 1331 93.S3A4.08 


altar in front of Machim&n was 
covered with offerings of maize, 
locally-produced alcohol and 
money. After a sotto-voce dis- 
cussion X was told to kneel in 
front of the altar. 

The hut was full of respect- 
ful, inquisitive Indians, and I 
wondered whether I was going 
to be struck by a thunderbolt. 
But all that happened was that 
the email, laconic high priest 
slowly incanted a long petition 
In broken Spanish asking 
Machimdn to ensure that I had 
a safe and happy trip. The 
moment was very solemn. 

From Lake Atitl&n we wound 
our way between peaks soar- 
ing 3,000 metres and more, 
their flanks carpeted in a green 
and yellow patchwork with 
spots of brilliant bougainvillea. 
We were driving along the Pan- 
American highway, used as an 
easy footpath by men and 
women virtually hidden under 
piles of wood and greenery 
carried on their backs. 

Chlchicastenango, one of the 
best-known villages of central 
America, lies an hour’s drive 
north of Panajachel. Its fame 
lies in the market, held every 
Thursday and Sunday, which 
attracts large crowds of Indians 
and a few tourists. With its 
bamboo and canvas stalls, the 
market splashes its colour over 
most of the village. Multi-hned 
hutpits (tapestried women’s 
blouses), embroidered belts, 
tablecloths, hags, rugs and 
carved wooden masks attract 
the tourists; wheat, corn, 
fresh fruit and vegetables, 
plastic shoes and cheap Aslan 
imports attract the locals. 

After a swift visit to Guate- 
mala City, full of low, optimis- 
tically earthquake-proof build- 
ings and huge neon signs, we 
drove north-cast leaving the 
mountains behind and entering 
the vast plain of Petfin, which 
edges into Belize to the east 
and Mexico to the north and 
west 

The main road from southern 
Guatemala to Flores, a town on 
the shores of Lake Pet6n Itza, 
was in the process of being 
paved when we were there, so it 
took us eight hours to cover 
200 kilometres and we arrived 
dusty and bruised, having 
helped rescue a bus overflowing 
with humanity which had 
jammed on a large rock. The 
discomfort was well worth the 
reward— an hour north of 
Flores lie the spectacular rrnns 
of Tikal, the apex of Mayan 
architecture. Set in a national 
park of almost impenetrable 
jungle, the pyramids and 
palaces poke their grey stones 
over the tree tops and echo to 
the screeches of spider-monkeys 
and the sries-of-tropicAl birds. 

Temple l.,or the Temple of 








'$315*' Wiv 






IS rr 



The Peugeot 405 SBi.. .already a best seller 

Peugeot does it again 

^ • ■ f,w»u nf hundred miles, one does. 1 




. - xv. fiu>u nf hundred mites, one does. not. 

HAVING HAD two Peugeot 305s The suspension modal get to know a car property, 

dfringthe past six years, I was injected. XS-Utre SRi model if it is a left-hand 

particularly keen to try its WHS firm enough to please those dfive being used on British 
successor, the 405. This elegant wh0 demand high-speed corner- roadj8- j felt very much at 
new saloon was introduced m ^ stability but gave an excep- borne though in the Peugeot, 
France last May and has already ghock^bsorbent ride, with its dear instrumentation, 

become a best seller. a[v: _ i ThlSreats, aMShough still very sensible minor control layout. 
The left-hand drive 405OTI I comfortable, have more shaping roomy interior and carefnBy 
tried briefly m Bnteux rwseufly leas iquashability than colour-matched tarn. .Given 

AiA rvnt riisamKlinL Its Styling IS ana . TviSiuL,. loft Anmnatitive onefeg. it - must 


Jr ^ 



men oneuy m ? 

did not disappoint Its stybngis 
modish and one knew from the 
feel of the car and the sounds 
it made that it was a Peugeot. 
But it seemed to have moved up 
half a class. . . 


seuaiuw — • . j — . — 

roomy in tenor and carefully 
colour-matched trim. .Given 

’ Miilna • 4+ . .itmirf 


nnrl 1 MS SOtfaSliaDlUiy man C010UI-HA411VAICVA 

Sse i?Siy wo 305s, which left competitive pricing, it ■ inust 
eaftermany a 500- boost Peugeot nsmg mariret 
“5 "ZzZrZi share among fleets and private 


mile stint at the wheel. 

The i® vigorous hut 

quiet, and the admirable aero- 


uuvai ; -- 

share among fleets and private 
owners alike.. 


: v " 

■aste- 



But it 10 taTe movea p quiet and the admirable aero- i have one? Not yet I 

h “JJ I *” B fhp 305 was rouddy dynamics make motorway erute- ^ a confirmed diesel estate 
^nsaSon Sg almost silent The fivewed ^ owner and, at present, 
^rahift Is light the effortless ^ is mxly a four-door saloon 

“^♦^SiJsns Stmore Ukea power steering welcome v*en a choice of petrol 

estate, the 405 felt moro urea jj rMog but pT€C ise for fast {oT the 405. These in- 

competitor: for the ; Fort driving. An enormous boot is SjJjjTg potest 1.9-Iitre, twin- 

KS sided and nnriuttered unit Sloping 

KfiK 0F?iSkXfe by the spare wheeL A lotof SThoraepower. But ask me 

S&rSt«" 5 ts 

»r® t s a^rarjua- n 

ssarit sSn ™ ' *%-■»- -k» -• » ««<»• stoart Marehan 


An open and shut case 

m m a annf 


An Indian woman in traditional costnmo 


the Great Jaguar, soars 150 ft 
above the jungle floor and can 
be reached by a virtually verti- 
cal stairway whose 50 narrow, 
worn steps have proved fatal to 
more than one — hence the 
chain which helps visitors hang 
on. The view from the top Is 
worth the effort, as one over, 
looks large parts of the site 
which archaeologists believe 
contained over 3,000 structures. 

Having obtained special per- 
mission to stay in the park after 
the 5 pm cAosing time, our 
guide took us to the top of the 
mightiest temple pyramid of 
them all. Temple IV, 229 ft 
from jungle floor to the top of 
its rdof conib. 

As only the temple at the top 
has been cleared of under- 
growth, we had to climb using 
rocks, tree roots and the occa- 
sional ladder to he&p negotiate 
diffietdt spots. From the top we. 


had a spectacular view over a 
sea of jungle which Teach ed to 
the. horizon in every direction 
and which slowly disappeared 
into thick blackness as the sun 
set 

• Iberia flies twice weekly, 
to Guatemala City, via Madrid, 
for £621 (£736 at peak season, 
July 1-September 30). There 
are daily flights from London 
on British Airways, changing 
In Miami to Pan Am for £650 
(£770 peak). Alternatively, 
you can fly to Mexico City and 
then drive to Guatemala or 
catch a local flight (Aviateea, 
Mexlcano, Lacsa). 

Local tourist agencies can 
arrange canoes, tents, etc. If 
yon wish to see some of the 
remote Mayan idles. Bn one 
we used was Centra de Boser- 
vaefones, 7a, Aveddft 10-44, 
ZJL, Terminal de . Galages, _ 
Guatemala City. Tel: 536312. 


Most of us can change TV 
channels without lea ving our 
armchairs but only one 
British motorist In 50J100 
wn open the garage door 
from Inside bis or her car. 

The benefits of the remote 
controlled, electrically oper- 
ated garage door are better 
appreciated in the US, where 
in every 25 works on the 
botton. lt is not just a matter 
of convenience, although 
this can seem signi ficant If 
yon are in your evening 
finery and It Is pouring with 
rain as you fumble with the 
garage lock. 

Security Is more import- 
ant stilL In some urban 
areas, motorists are at risk 
when leaving the safety of 
their locked cars to open up 
. the garage. With backs 
tuned they are easy targets 
for a thug waiting In the 
shadows. ... . ... . 

But an electricaUy opera- 


ted door can be opened and, 
as important, closed 
again from inside the locked 
ear. Only then need the 
motorist leave the car to 
step indoors, providfHg, of 
course, there 1* access from 
the garage to the house. 

With a remotely controlled 
Henderson up and. over door 
to *«v nraxe, I will never 
- a gain have -te get cold and 
wet, or run the risk of 
getting knocked on the bead 
as I get out of my car. Or at 
least I win not when I have 
removed enough of the old 
furniture, garden tools and 
general, rubbish from' .my 
garage to make room for the 
car, I have premised myself 
to do bo before the first 
frost ef the winder. 

The three UK mannfae’ 
tnrers— Catnic-Garador, Car- 

dale and Henderson— have set 
up a bureau to promote the. 
boteflls of electrically open- 


i.*V 


Ai 


ated, remotely controlled 
doors. Call Sherborne (0935) 
813999 for information. 

Ideally, an automatic door 
tg built inti a new house and 
the manufacturers are con- 
centrating their campaign on 
developers. But an existing 
up and over door can be con- 
verted to automatic operation 
for between £300 and £400. 

The operator is triggered 
by a radio signal from a tiny 
transmitter about half the 
size of a TV remote con- 
troller. Mine has a range ; of 
at least 60 metres. As the 
door opens and doses, the 
garage light comes on for a 
few minutes. 

And what If there ir a 
power cot or the mechanism 
jams? You pall a cord and the 
whole thing reverts to manual 
operation- 

- SJVL 


London Property 






A cn inning selection of seven 2 and 3 bedroom apartments 

imaginatively carved from this magnificent Gmde II Listed 
building whilst retaining the outstanding period diarm and character 
of the property; 

The development is further enhance d ty the erecting finish and die 
incorporation of RooTIeraces and Balconies to a number of flats. 


Prices: Etoni £l95,000-£279, 


Show flat open foe inspection 2-5pm Sura&y September 6th 



■»**.)**>.**; 

. . ^ Jp WliflBiWiipS 


A development by The Hastingzaood Group on The Pormuat Estate 

49 Montagu Scgneur© ILoiemIcimW 

Seven attractively refurbished, apar tment s for sale*— 

□ Two Studio Units: From £75,000 Leases 67 yea rs 

□ One 1 Bedroom Flat: £155,000 I ma cm? c m FK OFFIC E" 

□ One 2 Bedroom Flat: £165,000 

□ One 2 Bedroom Duplex: £215 5 000 I — ■ ■ ■■ . 

□ Two 3 Bedroom Duplex: From £245,000 W.A.ELUS 

Super new kitchens and bathrooms. New gas- VMBroaptoa (toad LoodouSWJlHP 

fired central heating. New plumbing and 01-5817654 _ 

electrics. New decorations and carpets. tdea23ffi WWS fe*fii-5W3S» 






WEST HAMPSTEAD 

Fat Vidcnw lorracrt (10855, ntaites from all 
amenities. Thee bedrooms (one irt# w stte 
stawerl, bathroom, double reception, 9«st 
tntet, kitdKmferirtg room, flmho m ganlen- 
Vact ceUcrfMTksfNp. Gas C.H. 
£187,500 freehold. 
Telephone: 624 3365. 


OPEN '7 DAYS. A WEEK- 


2KJ At PIJSFOSE— FUTNEV 

Overlooking park & ther. F retto M office 
suite and 2 Tbedroomed auboncUe with 
sqarate entrance and gardra 

£197.000 
TARRANT 
01-435 4141 


HIGH GATE 

wtt tttttel i 

mrof uro IVwt, fwteOM 


AuttaU* ttr in 
S. »o 1B«s. 

Tdepbsm*. 01-722 4231 



i M:i 



GLOUCESTER 

SQUARE 

LONDON * E2 



Asuperb large house in a prestigious 
location very close to Hyde Park 
and Marble Arch. 

3/4 reception nxims, 6/7 bedrooms, 

3/4 bathrooms, cloakroom, kitchen, staff 
accommodation, excellent top floor studio 
with sun terrace, garage. 

Viewing essential. £495,000 Leasehold. 
Scope for internal refurbishment. 


CHESTERTONS I 


t St, London W2 2AB 


ON THE GW AT 

brook green, we 

Only one mile, from 

Kensington High Street 

* BeadHul Interior Assigned 3/4 
bed, 3 bath town boose. 

* Views over 5 firtta acre* back 

and front. . • 

* Impeccable cenditlOH 

ttWJHsfioat. . ... 

W 30 ft lounge, stunning Idtches 
and breakfast room. 

* Garden, flarage, 2 parking 


★ Tsp security sjsteffi- 

FRetaU erf* £325^00 forqak* 
c owp teB aw Private ml*. 

TeL 01-602 4383 (Home) or 
01-626 1567 Ext 2730 (Woric) 

for colour brodwre. 



HYDE PARK AffiT, W2 

A wttt totty bow to seed of cxnvka 
BOjenasadon. wap m t n g 3*4 mnwif t. VI 
bedrooms. 3tt bsitirocms. clwboow. 
Uyjioj.mOmooBtKmuoo- top Ooormtto 
wn tenwe nd gnagt 
LmnUrf 45 jUM. 

Oran I* tte tt £tm nf f etof ofju la 

- beaWSamp 
ESTATES 
Estate Agents oat Vtdaas 

24 Cmzon SL; London WiY 7AE. 
0MW7732 


PETEfl S. BfflEfiS 
pnOPERTY 8EHUGeB HI BHfTW 

TOO HRYW TOO FAR AWAY??? 

Let us sod out your 
pRGPffTtt PROBLEMS- - 
aMter BUYING. SELLING or BUILDING 

coma us 00 01-741 8739-24 hum 


YOU HAVE JUST 
MADE THE BEST 
INVESTMENT OF YOUR LIFE ; v. 

40p .. •••: •• 

The cort of finding out that the laat phase of 
prestigious four bedroom Town Houses at Windsor Way 

are released onto dm m a rke t today from' 

£S50,009.40p 

Vou are 24 boon rimd of Sunday Titteorenden 

NO F.T. . . JJO CHANCE 

Skoir hone open tUnucdtred lln - 5pm WMatap Uam - 7pm? 

3a Albert Court 
LondonSW7 

01-5813771 


□RULE 


SELL YOUR HOUSE 


funris 




Alkw five words per tine (mininiuni 3 lines) Costs 5-1 5 words CS20.70) I 
20 words (£27.60) 25 words (£34.50) SO words (£41/40) 35 words I 
(£48.30)40 words (55520) all cues include Vat. Advertisements o v er I 
40 words, rates are available on application, please attach copy I 
separately. Lineages £6.00 per line + Vu.XMqfiayi £25.00 per see 
+ Mia. 




Vfeckend FT- Property F^es* 01^39 0031 










WEEKEND FT IX 












, Financial Times Saturday September 5 1987 


COLLECTING 


Antony Tlwmcroft previews a major London event— next Wednesday’s opening of the Burlington House antique sale and exhibition 


* ' 






8ai) 

** ai t- 

T T*£ h 

.5a?a Js 
u :r vyv 

:leir a tts i 

■p :. >j i 

^=vV c ^ * 
; ?5 

*4; 

:l- e '-at’ v- 

** a f0 C?V 

-• ’Ji- i(t 

IL™ 

Pswer. n* 
.?*?« is^i 

*5. 

1 uen. 

Straart^ 

case 

■fEoreh 

Siirrton^ 

z - 

• az amojja, 

wo a nt» ib_ 
iflkeuawsp 
■3 h*f(r caon? 
»■ 

Swr ori, 

J auioaafc *> 

tra £>j 
■Pwaisr is a 
l’- 1 iieml inti 
iff aiwu y 
■I TV TEEBe 
'Id- has j e 
**» sums, i 
i“s aid cs 

s^t »=er 

2*«S. 

u t Si 
:t cr ta? be 
s *- puli a curie 
:z.g mafSM 


at the fair 

DN WEDNESDAY the antiques Academy’s " borne, Burlington money— it earns around £40,000 


world rouses itself from its brief House. 


two-week rental — 


sommer break. Of course Phil- Both hare now firmly estab- rather than this explosion of 


Ups and - Christie V South Ken- lished themselves. The Grosve- mammon in its grand surroun- 
-nngton, among the auctioneers. nor might be flashier, more diiyjs, 

never dose, and . most of the geared towards the rich Amer- « the Royal Academy is not a 
leading galleries have some sort iean buyer over for the London natural habitat for a 
of show, but, -with the belief that season in June, while the Bur- businesslike fair (some of the 
customers are off seeking the lington, held every two years, Fnends of the RA who attend 
sun, the trade operates at a low has a more academic reputation ere surprised that all those 
gear in August and is the delight of dealers, but impressive works of art are for 

But on Wednesday the doors the differences are minimal. sale} the natural light that fll- 
of the Royal Academy open for The Burlington has overcome ters through its galleries shows 
the Burlington House - " Fair, ' two nasty obstacles— its timing the antiques to much better 
which is proudly promoted as and its venue. Ideally it should effect than the fabricated 
the antique dealers’ Fair. ' be put back into early October atmosphere at Grosvenor 
It would be tedious to drag up when there are more buyers House, 
the history of the fair, the bat- around and the trade has had .Apart from being organised 
ties with the Grosvenor House, the opportunity to stock up after py the dealers themselves, Bur- 
wbere it used to be housed, and the selling spree in the early lington has one other major 
the emergence- of two major summer. There has also been distinctive feature from the 
fairs in London, one at the old the . feeling that the Royal Grosvenor— It ' lets in foreign 
venue, the other at the Royal Academy the Burlington's dealers. It is virtually impossi- 


ill 




mm 


Grosvenor 


Apart from being organised 
f the dealers themselves, Bur- 
□gton has one other major 


the feeling that the Royal Grosvenor— It ' lets in foreign 
Academy the Burlington's dealers. It is virtually impossi- 
■ - ble for a newcomer to break into 



A unique salt-glazed inkwell made in Staffordshire around 
1743 and available at Jonathan Home’s stand. 


Grosve nor House but some 
interesting dealers will be tak- 
ing space at the RA, in particu- 
lar Delataille of Brussels with 
ethnographic art, especially 
pre-Columbian American, and 
Piero Corsini of New York, who 
is offering a pair of religious 
painting on marble by Jacopo 
Bassano. 

The foreign dealers not only 
open up the fair, widening its 
range and attracting a more 
International clientele: . they 
also improve its appearance. On 
the .Continent much more atten- 
tion is -paid to the display of 
stands, and the combination of 
some intriguing new dealers 
and the magnificence of the 
Great Rooms at the Royal 
Academy ensure that this is a 
good looking concern. 

The Burlington does not 
bother with all that nonsense 
about insisting that everything 
for sale is an antique: that Is, as 
object over a hundred years old. 
As its chairman, Kenneth Snow- 
man, of Wartaki, says: “ We are 
not century snobs." So picture 
dealers like Peter Nahum and 
Julian Hartnoll, whose offerings 
extend well into the 20th cent- 
ury, have taken space as well as 
David Messum, a popular 
pioneer of the Newlyn School in 


A pre-Columbian ceramic seated figure dated 50b to 1000 
AD, an offer at Delataille of Brussels. 


discovery of the charm of 19th 
century Scandinavian art, in 
particular the peaceful 
interiors. Prices will range 
between £5,000 and £30, 00ft 
Pride of place at David Mes- 
sum will go to “A Regatta ”, an 
Impress: onostic scene by Sir 
John La very priced at £3&S0Q. 
The Newlyn School will be well 
K represented by Stanhope 
■I Forbes, among others, and there 
" £ will be a good show of the Scot- 
■«„* tish colourists. These are two 
sectors of the art market which . 
have seen a rapid price 
v.f appreciation in the last two 
seasons. 

Another is late Victorian 
sculptures, “Teucer", by Wit 
7 liam Bamo Thomycroft A 
dramatic exhibit at the Sabin 
Galleries is H Marie Antoinette 
led to the Execution ", while 
Browse and Darby offer a bright 
oil by Henri Martin, “ La Prom- 
enade Martin is typical of the 
second division Impressionists 
now fought over as the first rank 
become too costly. 

. John Christian Schetky was 
Marine Painter in Ordinary to 
King George IV. Yet his painting 
for sale at the Ackermann's 
stand is of Belvoir Castle from 
Devon Hill. His marine interest 
manages to surface with the 
inclusion of a yacht sailing on 
the river. One of the Newcastle 
school of marine artists, John 
Scott, is also represented with 
“ The Ocean ", captured at the 
month of the Tyne in 186L 
That indefatigable exhibitor 
Johnny Van Haeften, who 
specialises in Dutch pictures, is 
showing a Cuyp, and a rollicking 
“bacchante” by Herman van 
der Myn. William Drummond 
I will have for sale a good range 
of modestly priced drawings 
and watercolours, plus at least 


recent years, who at t 
offer pictures ranging 
1930. 


at the RA fee (including lavish handbook) 

png up to this time round? As always at SShP A lber ' 
the RA the picture dealers are marle * ** Ll0tard * 


like most dealers Bill Drum- 


to the fore — another contrast to .□S'SOTSil 5 hm« 
• Grosvenor mth its preponder- opJorSSi^to 

The loan exhibition, without ITie most ^pensiveimntm^ GSffiySSSaSJtoSSrttS 
which a major fair these days ^riinrdG! rental C^tewhUe at the same 

would look quite bare, is also time adding to his mailing fist 

relatively “modern." The two ***. » ““ £“S*“ D “ d i AftT some inte^sting mrwm 
greatest collections of Faberge And, oSourae^d clients drop 

jewels (outside the Soviet Genwne (both of which were ^ ^ a „j, a » f or advice, and 
Union) are temporarily joined — *t Grosvenmr ^ House) wUfe lockup 

those of the Queernand Malcolm SS3£ 

Forbes, of Forbes Magazine; Tliere are some dealers who 

and among the select items on ^ i c fL ^ nd * hold back works of art for fairs 

loan are some of the fabulous ? or ? rajt . °*L * g entieman ^ 0 ut the best of 

eggs presented each Easter by Ambrosius Benson. their^mrent stockTuTcm 

the last two Russian Tsars to The Bury Street Gallery will mean that old favourites from 


their consorts. Including the be maintaining 


Mosaic Egg of 1914 owned by the national flavour with its display 
Queen. Also definitely not for of European pictures of the late 
sale is a selection of some of the 19th and early 20th centuries, 
treasures that the National Art including works of Boldini, the 


Inter- the Grosvenor sparkle again at 
Isplay the RA. 


acquire for the V & A. 

In 1987 the Fair attracted 


oost famous European portrait 
laintar of his day, and by 
filhelm Hammershoi, the Dan- 


25,000 visitors, as many as for jsh artist, who has been cata- 
Grosvenor House. What will putted into prominence in 


they receive for their £4 entry recent 


following 


As usual Spink will be selling 
a wide range of antiques from 
pictures to silver to oriental 
pieces. The highlight is 
undoubtedly the set of eight sil- 
ver gilt salvers made by Andrew 




■>V ' ■ ■* . "*■, . V* 

P# 

w 

-• ir’ 






esFa 


*• Etahc AngUs tai by Jaaf m Nk fto hn Brvnst. Paris 1823 am rte original Nat 

tvrquia base wfift braize fea. Bright Ijt bin. Length 1ft Sia. 

Pelham Galleries 

Esl in 1928 

One of the largest and most interesting stocks of antiques and 
works of art in London 

'tf&v 163-165 Ffefcai Rasd, London SW3 GSN 7*°\ 

SMei Tdepkoae 01-589 2696 & 2692 /jG&\ 

^ 2* Eztdfeifag at fte Bsifagtn House Fair vj£i rj 

StsadNo. 42 -3S- 


1«*M am «jivt SMM 7»B (M»i Vtejani 

MMMUbIi kak M* Ctm IH Hn 


THE 

BURLINGTON 

HOUSE 

FAIR 

The Antique Dealers’ Fair 

:at ... 

. The Royal Academy of Arts 
Burlington Hous^ Piccadilly, London WL 
: 9th-20lh Sepleinber 1987 

OpeningTimes: 

lAfedhesday ^9th S^*embei;llaiiv-Spm; 
Thursday IOh-Sa!nrdAyl9ih Septembec Ham-Zpm; 
Sunday20th Septembet llam-6ptn. 
(Noadlrng on Sunday) 

Leading British and international dealers in botfi Fine Art. 
and Antiques vVrill offer for sale siriedy vetted pictures, 
furniture and works _of art of die highest quality. 

For further information please contact 
6 Bloomsbury Square; London WClA 2LR 
Tdephone.(01) 430 04SL ■ 




■A 






n orman 

HTbattis 


r 'J F j.:3. 


\ !m<: ( !i : p i ‘..i 1 •=■: riiiil 
. ,u - •. tl 1 1 

i. . (:r:.> ! ~f.il 


i:. !i .Mi ' ;• - 

i 1 :;i!' 

(Ki-Ji! ;s ■ >5 .•!■.% 


/ 1 -’.V ■ pie 0 ; :v;r 
i/i iiu i.*> f r a if- ‘Wi-iiV r. T. 


THE ROYAL COLLEGE OF ART TRADITION: 

Randolph Schwabe and S. R. Badmin — Master and Pupil 

2nd-llth September 1987 
10-5 JO each dost mcludma weekends 






S. RJladmtH, RWS "French Ex h ib itio n, 1932, Royal AcademjT. 


r CHRIS BEETLES 

. LOCnCB 

U Ryder Street. St James’s, L o n do n , 8W1 


ivr. Jot ■?’ 


TnmThlinJi, 




i far tlOOO 



IT- 



Eugine Boudin “Trouvtlle. seine de Plage" S x S&inches 

“Les fils de la Lumidre** 

19TH CENTURY CONTINENTAL PAINTINGS 

16th September - 16th October 

41 New Bond St, London W1Y OH 01-629 2457 


CHRISTOPHER COLE 

ONE, LON DON E ND, 
BEACONSTOID, 
BUCKS. HP9 2HN. 
Tel: (04946) 71274 


PORTLAND GALLERY 

specialises in 

PEPLOE/CADELL 

and other Scottish artists from 1880-1950. 
We have a good stock from this period 
and are keen to both buy and selL 
Phone 01-221 0294 
2 Holland Park Terrace, 
Portland Road, Wll. 


\~f S'. ■% 

la. r ’"%> 

... : • 

'T 


Cstdogos available upon icquesL 

Aitbor Wctfle RX 
(16641949) 

‘Two Of i Kind' 
ofi od c tans, signed. 
Ifxl 2T. 

OPES 

ICond n^smBdqr 
am ua^aao pa. 



TJ>8 Pfltar to trisated 
3 Mtai. fruo exit 2 on tiielMD 
10 mn. from alt ift oo tbe IBS 
and 15 EQta. frnjo each 6 on *c U4. 
X mb. (Mm bm the We* End td 


Moore in London in 1703 to com- 
memorate John Methuen who 
was chancellor of the Irish 
House of Lords. They are 
unusual in having detachable 
feet Their price is also rather 
unusual — £900,000. Among the 
pictures there is a series of 
elevations of Venice by the 18th- 
century artist Antonio Visen- 
tini, while the oriental works of 
art include a large 18th-century 
Chinese wall panel destined for 
the Imperial Palace. 

Beraheimer is presenting 
continental farm tore and cera- 
mics, textiles and oriental cera- 
mics. One of the most important 
Items is a Louis XVI secretalre- 
a-abattant with the stamp of 
Charles Topino, one of the few 
French farniture makers work- 
ing in Paris during the final 
years of the ancien regime when 
most of the leading makers were 
German. An outstanding piece 
Is a pair of Venetian green 
painted and gilt doors from the 
18th-century which are 252 ems 
high. 

Among the more unusual 
works of art are Russian, con- 
tinental and Scandanivian furn- 
iture from Tzigany; tapestries 
from Galferie Chevalier of 
Paris; and mediaeval sculptures 
and Limoges enamels from 
Peters’ Oude Konst of the 
Netherlands. The Pelham Gal- 
leries, specialists in English 
farniture, is joining forces with 
Colnaghi, the picture dealer, to 
present a grand room setting. 

Another room, a feature of 
continental fairs, will be 
devoted to Tudor artefacts, with 
Tom Crispin contributing early 
oak farniture, Jonathan Horne 
delftware, and Richard Philp 


Elizabethan and Jacobean por- 
traits. Although many of the 
works for sale will be of interest 
to museums — the Getty was a 
■ prominent buyer at ' the 1985 
Fair — there are objects priced 
In the £200-£60Q range, in 
particular maps and prints at 
the O'Shea Gallezy; silverware 
from Maurice Asprey; and medi- 
cal, dental and optical pieces on 
Harriett Wynters stand, reflec- 
ting the growing collectors’ 
interest in scientific instru- 
ments. 

The Burlington will take 
place after the best ever season 
for the salerooms, with record 
price after record price captur- 
ing the headlines and persuad- 
ing new buyers into the art mar- 
ket. The dealers have been 
forced to take second place to 
the salesrooms in recent years 
but in certain areas, such as Old 
Masters, silver, and specialist 
sectors like textiles and tribal 
art, they are still a major force. 
They are the best customers of 
the salerooms — and their 
major suppliers. 

The new recruit to antique 
collecting needs a dealer for 
advice, support and encourage- 
ment. Many will guarantee to 
buy back the items they sell; 
many will hope to serve the 
customer for years. Dealers 
traditionally talk up the market 

The Burlington will indicate 
whether there is plenty of life 
left in the present art market 
boom. All the Indications are 
that, as long as the major world 
economies maintain their cur- 
rent momentum, the salerooms 
and antique dealers will be kept 
in the high style to which they 
’have become accustomed. 



^Maurice Osprey Jad. 




A line George III 
silver vase shaped 
cup with vine-leaf 
foliage. 

Height 5 inches. 

Date 1819. 
Weight 14.4 ozs. 

From a private 
collection. 


By Paul Stan- 

41 Duke Street, St James, London SW1Y 6DF. 
TeL 01-980 S921. 





r wm 


• iff 


If- Z ! ^ ' l ’! V vX 1 '* -i 

i -* 

- ..... I i - - ^ ■■ i iZ-.-bt) ■■ k: 


■-iSMl's-'SKr:' 

» —-K- 






i&ii. 


Choosing an Oriental rug — comparing styles and 
techniques - is a rewarding experience in itself. But the 
purchase of an item of such beauty is a truly rare pleasure. 

At Duval we have literally thousands of hand-knotted 
Oriental carpets. Our location — well away from the West 
End; and our experience - over 50 years, enable us to 
price our rugs well below market prices. We have rugs 
from as little as £40 and we value and buy old carpets, 

VISIT OUR SUPER SUMMER SALE 

Massive reductions thfoughont the store tndwBng: 

Pakutan Bokhara (Rose hand- knotted! 10‘*7' C725 

Fmeshnvan(i*d|.jeomemc ft* » 13* £5450 

Smgkjang (Chinese] runner 10'2"*24‘ £240 

Milas (TuriMShJseometnc 9*ir*6V £925 

Pakistan Cauraidn design . . . . 6*6*«4W . .. 

Super washed Chinese Aubusson 20’ * 10* £3 250 


oio 



OPENING TIKES 
MONDAY -nUDAV 
939am— Spar 

(dosed Saturdays! 

SUNDAY 

DOORS OPEN 939am 

AH nu|m credit cards accepted 


DUVAL CARPET CO. LTD. 

68-70 Leonard St. London EC2. Tel 01-739 7596 


i 

'] 











X WEEKEND FT 


Financial Times Saturday Jetf ember. 5 1987 




London Property 





Join the home guard 





UK. i. 


V t ^ 


2 Bed wont Wafa front homes from £125.000. 

Knight Frank 
£3 &Rutky 

Docklands 

01-538 0744 

Suits onitr: 01'9iS7 4255 
Euvt Kerry Rd. Isle «>f KJ4. ( )/>cii every day. 


A COMPUTER fUll of 2.7m 
household insurance risks 
helps John Westlake to dispel 
some of the myths about prog- 
tecting homes. 

Westlake, who looks after the 
retail side of Sun Alliance's 
household Insurance business, 
and who has the policy experi- 
ence of 17 per cent of the coun- 
try's homes on which to base his 
thoughts, favours burglar 
alarms and lagging. 

He welcomes Neighbourhood 
Watch schemes and stay-at- 
home customers. He is chary of 
winter holidays, videos, mir- 
rored bedroom wardrobes and 
fitted kitchens, and looks higher 
up the premium charges when 
face d with an inner city proper- 
ty rather than a rural retreat 

He also keeps a close eye on 
motorway developments be- 
cause they, too, have a surpris- 
ing impact on the price the in- 
surer charges to take on domes- 
tic risks. 

Westlake has no doubts about 


John Brennan looks 
' into insuring your 
house against perils 


from a burst water 






days with second bathrooms 
and showers, a washing 
machine and dishwasher, and 
more central heating. There is 
more leisure time as well, and 
more people take holidays 
abroad just at the time of the 
year when it is cold in Britain 
and when pipes are most likely 
to burst As they are away, there 
is also more chance for damage 
to be done,” 

There Is also much more to 
damage. Westlake says “Ten 
years ago, if you had a burst 
water pipe in a kitchen, all you 
would have had were stain 
marks and a few wet floors. Now 
we’ve got wonderful fitted kitch- 
ens, all chipboard and lamin- 
ates — and they do not like 
water.” 



cjnhodebnised CQTS- 
WOLlDS barns ere sufficiently 
rare to command significantly 
more than comparably . sized 
modern village houses, so it is 
only mildly surprising tojae 
Jackson-Stops & S taffs 
Cirencester office {0255-3334) 
has put a guide prior of £60,000 
on a Grade H listed tarn, for 
conversion while it expects dot 
the 17 th-century, equally well 
listed five bedroom vicarage 
next door (pictured) is likely to 
sell for just £150,000. 

The Diocese of Gloucester has 
asked the agents to auction the 
Cold Aston vicarage^and .tee 
barn as separate lots. The house 
has not been occupied for* a 
vear, and so the guide, price 
reflects the need for renovation. 
The barn comes with planning 
permission for conversion info a 
three bedroom housed - 




SAVTLLS’ Kensington office in 


the value of burglar alarms, 
either. Household insurance 
premiums are based on the 
claims from each of Britain's 
postcode areas — and the evi- 
dence is quite firmly on the side 
of alarms. “ They are a deter- 
rent Most thefts are relatively 
small, opportunist moves where 
people nip in and out very 
quickly,” he says. 

“ Even If the neighbours take 
no notice of bells ringing, and 
even if the police don't react to 
an alarm in the middle of the 
day, the thief will notice and get 
out very quickly. You don't see 
many opportunist thefts where 
there is an alarm. 


( AKI ETON SMITH & CO. 







111 


I T~ -+ ' — . 

tecta 




ws 


Newer houses with better West London says the average 
built-in insulation ought, then, * price per square foot paid for a 
be a better bet for the house- three-bedroom Kensington 
hold insurers? Not in Sun house last year was £283. The 
Alliance’s experience. Insula- comparable average for a three- 
tion like this does not justify a bedroom fiat was £265. That is 
discount because, for every pipe an unusual result for, as the 
that doesn’t burst,' there is a agents say, it is “ contrary to the 
damage claim from owners who commonly held belief that 
haven’t the elbow room they are houses represent better value, 
more likely to find in a bigger, in terms of space, than fiats.” 
older house. u You find that, in a Having sold £8$L3m of prop- 

lot of houses, the builders fit erties over the year, the Ken- 
mirrored bedroom wardrobes to sington office’s analysis of prop- 
make small rooms look bigger . . erty transactions does provide a 
. and they get broken,” Westlake useful, if necessarily selectively 


The high 
life in 
London 


ments that in Kensf ngtotn * Th*» 
increased supply of fiats dueto 
be marketed over the next 12 
months, both conversion .-and 
new build, suggests the likeli- 
hood of a greater increase In 
house prices than in fiat 
prices — except for those under 
£250,000, which we believe trill 
still be in short supply-"; ' , 

GivClCa - stable vecnr 
nomy, we foresee la return bn 
capital of 15 per- emit -per 


up-market, view of property 


' Records confirm that homes' activity in the area. Its research 
in Devon and Cornwall, the 


suggests that a little over half of annum, ” and report that tans 
all buyers are British, and that rental returns in Ken sington 
sis in 20 of those bought bouses have averaged 8 percents year. 
rather than Oats. “ We anticipate that this rate 

Looking ahead, Savills com- will continue-? . *' -v" 


■ rural areas of East Anglia or in 

the Scottish Highlands appear 
He says; “ It is FarTob earlylo to be the properties least likely 
say if Neighbourhood Watch to be on a housebreaker's 
schemes do have an effect on rounds. u They may not be 
the number of household thefts, attended but you just don't get 
although I think they will. Three the same number or size of 



LmutonEl^AL Tel; 01-488 9017 


,T, 


Ayiesford Grant &Partners 


tm ooo LSKcsmc house, czbbooo tower afttOGE views, 

ISLE Of 0003 MAPPING. 

OtMtoo«ion. 2 lMtfa,gpnaa.B^H>, Urga2b«JflM.2bBtlM.ta«mMMth 

™ vtamourottrortwUHiaaxro. 

PCXTHOUK, E2 C17S ooo cascade, hue of ooos 

21ft rac and 2G& root tmoewOHn my imB«alriwrvtaiv» Irani botpoaUon 

reach ol city Arad DocMancf*- L/HBSyrx. on Mand. 2 bad*. 2 bate. UH 12S yr*. 


DON'T FOMET— TNEDOCKLAMIS LHSNTRAIUIAV OraMBOOt ST AIMUST 
—OUR NEAREST STOP SOUTH OUST— COME AND SEE IIS 


01-538 2535 


Most of these are amateurs, years agQ> w h e n we were in- claims that you get in inner city 
though. When you re i talking of yoi^ ^ making a promotional areas," Westlake explains, 
professionals, you should look v |deo about the schemes, there Homeowners in the wilds can 
out for motorways. Westlake ^ around 200 such schemes get premiums of 33p for every 
says;" The M25 is wonderful for ^ (he country. There are £100 Insured, a quarter of the 
burglars. The incidence of around 28,000 now, so the idea top quoted rates for those with 
motorways has enabled people h as mushroomed too fast to be riskier postcodes, 
to be so much more mobile. And a bi e to anything concrete London is no more of a high- 
you can see quite distinct pat- aiK j u t t^eir effectiveness.” risk area than any other major 
terns with professional house- Sun Alliance is monitoring city, although the concentration 
breakers following the motor- carefully the claims experience of wealth does mean it has more 
ways to do a job in areas away of sreas Neighbourhood than its share of properties that 
from their homes." Watch schemes but, until there run off the standard premium 

Theft claims have nsen along is more evidence, membership charts and where cover can be 
with the value of house contents of a SC heme on its own is not arranged only alter a homeow- 
as much as with the Increasing sufficient to quality for the ner has installed an acceptable 
number of break-ins. “ Five or • premium schemes the security system. . 

six years ago, only a few people — has launched for house- Looking nationally, Westlake 
had videos; now, it seems that holders who can show teat they says; “ People are still grossly 
everyone has ^ them— it some- . ^ at home at least four days a under-ins ared because we do 
times seems that we must re- wefl h, have adequate deadlocks have so many things to take 
place about half of the things on <j oorB ani j windows, or have account of in household insur- 
every year!” Westlake laments, ^stalled an effective alarm ances these days.” Still, the 
Theft accounts for 50 per cent . . 

of tee cost of household insur- 
ance claims; and while there is 


system. 


ance claims; and while there is Water is the prime culprit sf- 
no adequate evidence yet to tar thieves for household insur- 
show if Neighbourhood Watch ance claims, and the rising costs 
schemes do help to cut crime, 9^ burst and overr un ni n g pipes 
Westlake favours them as a way *s, as Westlake says, a direct 
to raise householders’ aware- result of changing lifestyles, 
ness of the need to take security “We are ta k ing more and 
precautions. - uiore water into the house these 


years of high inflation have had 
tee effect of persuading people 
to switch to “ new-for-old " in- 
surance rather than traditional 
policies that pay out only on tee 
written-down value of goods af- 
ter allowing for age and wear 
and tear. Only 3 percent of San 
Alliance’s household insur- 
ances remain on that old basis. 


BLOOMSBURY, LONDON WC1 

nitoH 

Superbly pramed <we bedroom pietta-ttnc an tlie second 
floor af tbfe refurbished period buiWtog. WHIi garden. Square 
News «4 erpfiBRaM between tte Cftj and West End. A 
■fcwtag ht WgMy re com mended. 

Reception, Fitted Kitchen, Doable Bataan, Unry Bath- 
room. AU Services, 
tame 99 yean 

AGENTS— 01-236 1520 

3 BEDR00MED BARBICAN 
* PENTHOUSE/ LONDON EC2 

rzsfljM 

A spaetou* wefl planned WV7th flow apartment with bright, 
fleaMe accommodation. Whilst requiring some redccoratim 
S* Is an oAisual opproftrtiy to purchase a iamfljtfcwnpwv 
flat dose u the heart oi the City. 

DoiMe Reception, Kttelwn. 3 Bedrooms, 2 Bathrooms. Ter- 
raee/Balcwy. All aiwottis Including Car towns. 

Lease 120 yean 

SOLE AGENTS — 01-236 1520 

EXCLUSIVE CITY 
PIED-A-TERRES, LONDON EC1 

CU240NJ354M 

Choke at two 1 bedimmed maisonettes both situated on the 
1st and 2nd floors of adjoining period bntMngj. Close to 
SnHMtefd Market and in a * village enclose ' these properties 
have been meticulously and thoroughly refurbished. 

Each uu mote s Reception Room, KNcften, Double Bedroom, 
Bathroom, independent Gas Fired Central Heating. Ready for 
bmnetBzie occupation. 

Leases 99 yean. Low a ntg rt e gs 
SOLE AGE NTS— 01-236 1520 


HONG KONG 1987 


Debenham Tew son Residential, 
the market leaders in the 
international promotion of 
London properties are pleased to 
announce that an exhibition of 
Central London property will be 
made during the course of the 
major ' Money 1987 ' exhibitions 
in Hong Kong in October of this 
year. 


MAYFAIR INVESTMENT 
OPPORTUNITY— LONDON W1 

Mm from 

tycc Mtstampng flats wMiki a man propose built Hack 


wWdn SO tank of Berkeley Square. Each of the Hm would 
mike an Ideal Mayfair pied-a-terro, or aKenathely (Ms Is an 
aetOm. tmnmitt for a oonqwqAwestor to acqotre three 
Hats within one buHdlng. 

The Rats comprise 1-2 Bedrooms. Badnonv Reception 
fcwil fQttbn. 

1— grit 2Q50 

SOLE AGENTS— 0MQ8 1161 


If you are considering the sale of 
your house or flat and would like 
further information in relation to 
the exhibition then please do not 
hesitate to contact either our 
offices in Brook Street, Mayfair, 
or Paternoster Square, City of 
London. 


URGENT REQUIREMENT 

Wd are fidly retained by clients to purchase a flat or tawe 
wMch b ateWe far ent n t a Wng. The mMmmn ac cc cwmda- 
thw remilred b d bedreoaiv pte staff zcamm alaton 

2 recepttai rooms. The area d semth Includes 
aU of the PRIME testdentM areas witMa Cental Lnahui and 
Property mmt either be hmg leaseboU or IrretaW. 
SUBSTANTIAL FUNDS IMMEDIATELY AVAILABLE. NO 
FEES REQUIRED. 

Phase contact Mayfair office— 01^KJ8 U61 


, DEBENHAM 
L TEWSON& 



CHINNOCKS 


C'liirro'T.ci S;.'f •. cyors 

L-r.’CC’i a 


01-4081161 



MARSHALL 


MORTGAGE 


MORTGAGES 

AND 

RE-MORTGAGES 


BEST RATES 


Contact: 

Michael Lockyer 
01-680 7797 


□Sfiufgis 


WESTMINSTER GARDENS, SW1 
A newly refurbished 3rd Boor flat In this mu run black, making « ideal rental 
Investment nr a convenient London base. 

RECEPTION ROOM: 4 BEDROOMS: 2 BATHROOMS (1 EN SUITE): SEPA- 
RATE SHOWER ROOM AND W.C_- KITCHEN; UFT; 24 HOUR PORTERAGE. 
Leasehold 86 years £289,560 

OLD CHURCH STREET, SW3 

A spacious tern bedronmed rial on the 1st floor of tMs mansion Mock, dose to an 
the toad amenftrn. 

RECEPTION ROOM: KITCHEN: DINING R00MIBEDR000M £ BEDROOM: 
BATHROOM. 

L aaseiiBfa l 25 years B 39 JB 00 



- * ‘ 
* I 


li 


i 

S 


BACK TO 
THERJTURE 


12 &. w Cuftcn Gardens, 

LITTLE VENICE 


Rentals 




& 


liV dm 


? / - 


LONDON V| 


fl flew rental drtrinpmenl hjr 

LET RESI DENTI A L HOLDINGS LTD 
offering 7 immaculule 

1. 2 and 3 liedraom a|>art ments 

prit-ea from £350 - £700 per week 


Joint api-nlv. 




AT I»K<1K1> 

1 HI Kinpi Rmal 
UuhIhii Sft III 
Trl; III i:«l 2-IH^ 
:i.il 57 III 


SHILI.S 
LVISIujik- Surrl 
ljHtlun l 
T.-ltUI 7^UIKJ2 
Kin: (II r.HIIKiit 





Nine linoirv npurtmunn cumin nin^ the 
defiance of' rhe Vicninvin era wirh the 
innovation of Mth Century now 

mullaNe tor viewine K pnyare jppiHnrrrx.Tit. 

SitiMied in rhe heart nf Little wnfcc. with 
access hi two acres oi private i^mlens, each 
ajxmmaw huuv penoj Jetail uVmt^kk; 
iHitwtaniJint! nnchitecturaf (eJturev 

Lifts bo all aparrmenn. distinctly spilt 
tyd. owl. reccpckm aren>. a iwUen&i hedtonn 
suite, and J mpcrlartw: nmf «ma atv /«*i 
sttne of the toanires that oumplifV the quality 

irf this unique ik-vekipment. 

Prices ammcncc « 1150.000 tor a rm> 
hedromneil apamoLtit m M40.000 tor a . 
p iaw iifacnr ujr taJnumcii duplex wtch private 

J3fflUC*U 


5,rO 2 KHJBURN DARK ROAD 
MAimiAlRNWiSSUY 


"fo discover the way back to the future, contact Sole Agents Ellis &. Co on 625 8626. 


Q U E E N S W A Y 



* Luxury One and two Bedroom 




,,, . 

' : 'A * t T-. ; •— *' Yr.— • 


WITH Easy ACCESS TOTHE CITY 


and West End. 


The (lacs all have N.H.B.C. guarantees and have been designed and decorated to 
exacting standards. ■ New 99 year leases ■ Lock-up oarages ■ Caretaker 
■ Independent Gas Central Heating ■ Prices from £130,000 
SHOW FLAT OPENS 29th AUGUST AT *4 QUEENSWAY, LONDON W2. 
l2-6pm Monday to Friday- 1 1 - 5 pm Saturday fir Sunday. 


Portmans* oi-58i 1477 / 01-589 0377 24 h«. 


ir 



CHANGING attitudes to distance look certain 
to draw plenty of pre-auction bids for Bat- 
combe farmhouse (pictured) in Somerset’s 
Hendip H&ls. Standing In 78 acres of land just 
two miles down the A371 from Cheddar, 21 
miles from Bristol, and five miles from Junc- 
tion 22 of the MS, tee formhoose dates back to 
1510 when the lands formed part ot the Glas- 
tonbury Abbey estates. Built for Abbot-Bere, 
one of tee last abbots before the Dissolution In 


1536, foe eigbtHbedroom bouse with 18te-cent~ 
my additions has long been too remote for 
London buyers and is sufficiently untouched 
to be in need -of foil renovation— hence a 
£200,000 guide price ahead of an auction mi 
Thursday, September 10 at the Bath Almw 
Hotel, Cheddar. Tim present enthusiasm for 
HS-linked properties should inspire interest 
through Joint agents J. H. Palmer A Sons 
(0278-782326) and Humberts (0823-288484). 







WAPPING 


6 magnificent apartments in refurbished 
eighteenth century riverside warehouse 


With shinning southerly views ewer the Thames, each apartment, with 
mwe tfaan 2.500 sq ftoniving5pace(4 beds.), has been carefully designed 
and superbly finished. 


Part of the dramatic development of Free Trade Wharf by RegaUan 
Properties pic, the scheme offers a superb swimming pod. gymnasium 
and health spa complex. 24 hour security, secure underground parking 
and convenient shops and lestanrarus. 


WITHIN 10 MINUTES OFTHEQTY 
Prices horn: £450,000 leaseholds 125 YEARS 




Regency Street. Westminster 

London SWi 


Within minutes of Parliament Square 
Westminster Abbey and theTate Galloya 
jTwUand exclusive deveiopmenloftacamf 

a beautifully landscaped courtyard garden.' 

AllapartmertshavebeensupefttyfcM 
and are ready for immediate occupabon 


Resident Porter. Private gymnasium. 
Leaseholds- 125)rars 

?S^H apartmen,s '- £1? 2.000 to £210.000 

JDeorootn apartments £21 7,500 lo£270JD00 




(}ladstx)nc Court 


Sole Agents 

SAVILLS 

139 Sloane Street London SW1 
01-730 0S22 













«w*e with life 

loo res 

Ticientiy xte 
raotarfoa-ie 
id of ua anCH 
a: thr Brit 

•CCt tD^IBtE: 
eld fESisi*© 
H. Primer *j 
rt.!05S-m 


ehouse 


Financial Times Saturday September 5 1987 





13 HILL STREET BERKELEY SQUARE 
LONDON W1X8DL 


PARKER^* 01-6297282 




DEVON-SOUTH HAMS 
Exeter (MS) 35 mites. Totatf 6 mik*. ' 

A wefl proportioned Grade U* Georgian house hotel 
having bnen in ce nU y and amnMlafly rrforUtbcd 
se£ in its own grounds «# about 5 acres with glorious 
viewj owr imspdtt coonlryxide. 

3 reception room*. 2 gnat sates. Owamx cute. . 

5 farther b ed rooms. 3 farther hst luo o m s- Staff flg. 03 
central hearing. Attractive gardens. Swimming pooL 
Paddock.. 

About 5 acres- Excess £40 0, 000. 

Exeter office: Stntft.de Farter, Mkhdmare Hughes, 
24 Sotshernhsy West. TeL (0392) 2 16631. 

(Ref. 13AB460) * 




NORTH YORKSHIRE 
Saeboraagh 8 miles. York 30 miles. 

As oatsundtng and well appointed residential estate 
enjoying a superb tjUuiicn on the edge of the North 
York Moors National Park. 

4 reception room, cloakroom. 5 bedrooms, 4 bathrooms, 
d om es tic offices. Self-contained flat. Extensive sub ling 
(14 loose boxes) paddocks, woodland and high qnoHty 
grassland. Excellent range of m od em ramie tearing 
buildings. Delightful gardens with swimming pooL 
About 76 acres. Region of £325,000. 

Join agents: Messrs Lawson Lug - York office. 

Strutt & Parker, Harrogate office: 13 Princes Square. 
TeL (0423) 61274. (Ref.lOAB742) 





HUB 


NORTH DEVON 

Toningtaol mBe. Taunton 48 nrilcs (P addi ngton 110 
rmnateiTM5.(]uncxifia 27) 36 miles. ' ' 

THE LOWER TORJUDOT FKHEKY 

3} mfln of ratoon, md sea rrpar firiuqg. 10 year a v era ge: 

adnmn E2; » boot 25. 

A wen known and most attractive stretch of natal? 
double haidcnahEug. 

Fcratebyhucrioo, asa whofcdrio42otx. ( unlois 
previously sold)i 

Exeter office: Strutt & Parker, Mkhttaore Hngbes, 
24 SottthewhayWtn. TeL (0392) 215631 and 
Sbrvtt& Parkn-Xondo* office; TeL 01-629 7282 . 

.* ; (Ref.7EE9570) 


CAMBR1DGESHIRE-NORTHBOROUGH 

Pete borou gh 7 miles (Kings Cross ap p rox. 45 nuns by 

HST> 

One of the finest examples of a small medieval manor 
hoase surviving in listed. Grade I completely 

rdMAcd. 

Ores. hall, breakfast kitchen, dining room. First floor 
drawing room, study. 3 bedrooms, bathroom. Potential 
far further bedrooms. 16th century Dovecote. Gardens, 
grounds ■*! paddock. 

About 1 acre. Excess £175^000. 

' Grantham office 12 London Road. TeL (0476) 65886. 

(Ref.4Afi37I7) 




<K ;*•*?: 


BERKSHIRE -LAMROORN VALLEY . 

Newbury lOmDes (Utodoa/Efcddaftoo 45 mattes). 

M4 (Junction 15) 5 miles. London 70 miles. ■ 

; An outstanding hatkaM fliai with a most attractive 
Grade It feted Quern Atme house. 

Lot li Manor Pom. About 563acrts.7 b cdtOcmed - r t 
Queen Arne bouseHeated swimming pod. StaMthgl 
2 modem : co n a g na. Co mprehens ive range of modem 

Single block of jnodmaiwe nrifeland. 8 fading gaDapu' 
Lot 2: Spancwtcfc Hna. About 1S2 acre*. Grain 
buBdmg wiA stooge torabaat 450 tonnes. Block of> . 
producuvearablelarid. In al about 715 Acres; 
Londoaruffice TdL 01*629 7282 and Newbury offices 

TeL (0635) 521707. . <Ref.lD09698) . * 



SOMERSET 

Tattoo 3 miles. Exeter 25 miles. Bastd 50 mOca. 
Motorway miles. 

An bapostag period country boose, dating from the 
early 19th century, Ideal for use as Country House 
HotaV Conference Centre or MuMple ResMe nt tai ••• - 
use, subject to planning consent- . 

6 re ception roomaj V.bodroo mM bathrooms. ... 
Affpsjaitdy 7,300 iq ii Etmmw oatb rf hfingi 
(indoding fanner wrife Mode with planning p er m issio n 
for conversion). Garden and grounds with tennis court. 
About 3j acres. Region £450,000. 

Taunton office; Mentfip House, High Street 
T«t (0823) 277261. (Ref.lSAB65) 





BEAULIEU, HAMPSHIRE 

To In auctioned FiMw 250, SaMahw 
1987, ufan prnkwty sold. 

A fascinating country rsildence 
umnuwflag extmtre views m the notb 
erer the BeaA e n Ena Tha pramv, 
whkli Is CMufetelr wdwM comprises 
two reception rooms, (our bedrooms, 
bathroom, shower room, garage, 
worfahog, underto ne storage, electric 
taring. The seriated garden urf grounds 
wtricJ) sorramd the propeny extend 10 L5 
sens. 

Pda grid*: EUOrUMtt Freehdd 
Aartc Pad Jackson, The None oa the 
Quagr, Lrmfnman, HmpH ns, SMI 9AY. 

Teh (05901 75023. 


CHANNEL ISLANDS 
ALDERNEY 
Interested In property 
in Alderney? 

Rradcniiti aod Granatin] Ptupcnj For Sale 
Cl Tax Lavs Apply 
No RcaJcntial QmKficatkns Necessary 

For Ebe wkfcfl sdedion of property and an 
rioranfinn booklet on Alderney contact 
AUKBNQT ESTttE AfiEHCV, 

41 UCTOfU SIRST, HBBHB 


Toiophoom 048183 3110. 



GEORGE 

KNIGHT 


SELLS 

PRIME 

PROPERTY 

IN 

PORTUGAL 

P.O.Box 948 
London, NWS SPT 
Telephone: 01-435 2299 


YOUR MAN 
IN LISBON 



DORDOGNE 

Amwlaudr 20 aim mu of P aiges* 
Old Farmhouse set in 3*2 acres 
with lovely views 
SympBtbetfcaHjr restored toa ttgh 
_ standard offeringj cfmible bednxxrc, 2 
baths, lounge, dining room, lotchen with 
aU mod. cans. Ni u n e rn us substantial 
outtaribfings Ideal for httaue devetopmenl. 
Price £67JD00 jQ 0 
Teiepbone (0272) 429091 (affice 
tun) ' 


BUM CAUaiO*. Lbnttnf Nomber of Properties 




** &Rutlev 



:-r if*, . 




Beitehlre 

■ rrttacis Hm, Sumfegdric 

An imposing, cotutry numsfoa standing hi attractive 
- grounds wyomiBg fte golf course 

5 reception rooms. 5 J prfo dpel bedrootnx. 5 bathrooms, .4 secondary 
Lcdiurans. further bathroom. 

Staff cottage with garaging. 

Hard tamb court. Outbuildings, Garaging for 3/4 cars. 


About 2 acres 

(A djoini ng 4 be dim med lodge with farther 116 ants available if required.) 

- Joint Agents: Chancellor* A Co., Srnmtnadak. Teh (0990) 20163 
Knrehl Frank and Rntley, London, Tet 01-658171 or Ascot, T<* 0990 
24732 

(PR/22102) 


20 HiBour Sqnare.01-629 8171 
Lsudou WIR OAH. Tdex 266384 


SMITH-WOOLLEY 

CHAR T E R E D * S U R V E YOBS 

uSwii ua oiigHlxc Mum-iouisi unawau) 

' . : LINCOLNSHIRE 

Bourne 10 miles Grantham 20 miles 


CLUTTONS 


Somerset 


Bridgwater 6 V 5 miles.- Taunton 7 V4 miles. 

A Cue Equestrian Property eqJoyfcK outstanding 
views over tbe Qoantock Hffls 
3 Reception Rooms, Kitchen/BreaHast Room, 

Utility Room, 4 Bedrooms. 2 Bathrooms, Dressing Room. 
Superb modem Stabling. 

Outbuildings and Garage. 

JRaddocks, Grounds and Woodlands. 

In all about 19.65 Acres 
For Sale by Private Treaty. 

Offers Invited. 

Wells Office Tel:(0749) 87012 

127 Mont Smvt, MjyfiOr, Loadon WIT 5 HA, Tek 01-499 4155 

Ms»ael<3ndcn — W u m ibnn , KawdneKw. ChrixM. Amriw. C*nrrrt«7Ty. CaHtot*. bdtabui£h. 
Hirrogua. WaDa, Onri, Mwh. Dab*. On —. Slnrph. 



tn&£ Somerset A303 1 art*. WlnamonS 
miles. 

Ctamting dor. sum cottage m UylUc setting 
with magniflennt utewa over orbnta partdsnd 
and tarast. Llatad Grade IJ, requiring 
modemuathm and quite unspoUt Mb k*cty 
gaidan. Superb We or hoUdav coinage. 
AUCTION 24th SEPT (unless previously soM 



WEEKEND FT XI 


LONDON 


JOHN D WOOD & GO 


COUNTRY 



CHARLBURY. OXFORDSHIRE 


ih>ie wl [|» t. 4el>(twn>«iMneiMy.» M i h S M Oh<laiB«»ftB«t4d>WTi ar ert M 
»— *^M4w i ea. » i»«> i tn4h 4»ti«meM«a»«4iMH>e eft >M i— a w. 

Thuriii -ilimnmitiidi* imlislii tnirTii i i nrhrnn Irrlnm Binsl u rl n r~* rTnTi 

lUwhaiL IWhurmMlnHannncrtesnairUMklbniuifO^invnuMtimimha 
munumiiirt, [■rlui fill! ilinimw TliiilMimi IS i»ie mini ifc—m hum Imlniiinliinii i ■ill nw ii 

41triM fc anemftlne> M>a—s w w pwB »i a»4arfa»nM>» B > lBdMeBl 

Q«w|wa|d4hnwSLllLt»l>a»h»Mi 

23B«kcl«rSenR.Ua4oaWI 01-029 SOSO 


. CHESTERFIELD HOUSE, UAYFAIS. W1 
3lwnUMy nMtooSeaum 7th floor OMsta tW» mraictaa Mack n tfar bent tOlnWr. 
Ooib pnaenudHid 8w¥ in ■ bgh alaadsnL 

HI hWteegL 1*2 WPQSai wna. fcylica. wmt rta*n »wtJ lg°nq. !*• Sxoerqt taros- 

Jnil SnU 014815403 

35Bratna Place. UaytUr.Wl 01-4080095 


23 Berkeley Square, London W1X6AL 01-6299050 



Humberts Residential 





Tabley House, Knutsford, Cheshire 

M.nrWir 17maf»Mfim<ww i» ay1'Amaa».InrmarkiPslAgpart9mafS- 
A ma g nifi c<3UG«ade I M a ns iooHogeebr Jofcn Can- ofYoifc enjoying nwrlhat 
oauuBktilDUlhatMmfeluiilfeWirifeettwssomaUe. 

4h««77 91IWip.,(^iJ «»MMi.iiteiiwmrii«i^ 71 h<pirliiw»»llwY.1ft«ib 

I Wing Homes imd QuptL Racendy in edurjtiopal tuc to suitable Mr rmidencri, 
iy j)rl»T Oi nint" irnl l Utllll j M M jil a an h ^wif ntt 
For oria onalouc Lease. 

Imp oc m a an and afewecoO rcri c n al s o asoflahlendl Grade n gable Mode, 

8 cooages^locjp!aj28^iats of pjrtjuod£part let), 90 acres of^ woodland, 48 acre 

Further detaih from 25 NkMaa Streep Cha9crCH12NZ. 

Trirphoue: (8244)2830. 


<:Jk. 




5t tQ M Ito iM^uaerao^Mttfa^20Kirc^hi Mra« Liu u rtoodMBniayB»h« 

^euAwessssr 



Starkey Casde, near Rochester, Kent 

A Grade I Lined McM man* houK. 

Gnat H^OiZwfmniP" wwiMj fw l mnurtf t n f mtlw BnwHL fyqpa iirTffdBC^iih 

3 bednxxns. Garegutg/mariahop. 45 acres. For sale by lender. 

Aixfe: 14 Omu Stmt, Loufeu WW 7FH. TUaphowe (01) «W 6291- 


K ii Mi 




• . . -■ or • - 


•. ' -w ■ 


Nottinghamshire 


No trin g him 12 macs. Mdiop Mowtaay 11 mfles. G randma 15 mfles 
(125 trnns t o Lon don 75 mnwas). / 

A dua t U Bg WaSma & MaryfopneriectBry rf hi» > nrical iitfcig«€.sr— liggii 
•mal riBage in the heart of the lUe ofBdwir and whha eaw nach nf 
/S w<fcn» nH N**ff inj | miu 

H j»n, 3 reacti on rooms, baa kSm nxim^k ltcben and tone uic olBSaai, 6|7 bed ro 
Dehghtfiil bukIm!* acre poddock. Ba&fing piM-TSitK 5% sac*. 

OflnmMkd 

Apply: 29 Btii%eSbcaL Northampton NNI INK. Tfekphoees (KM) 3299L 



SKYE — Woodend planting land 

Bare opporamity to acqUBr 873 aoe block oil bad on Skye- 

515 acres cleared under Rxesny Grant Scheme for Immediate planting. 

Good access. 

Scenic area 

Minimal vermin problems. 

Exceptional ponth tares achievable. 

Productive solL 

Offtts are expected for the whole in eness of £125,000 or EMifacreownn. 


rs*2 1 'l'1/Z /ZQ/Z1 46 Charlotte Square, 
LOi-ZZ-O oyoi Edinburgh EH2 4HQ 


London Property 


London Property 


itm CDfflWt LBTED GRADE D* COUNTHY HALL 

• situated on the edge of the .village 

3 pane I led rac^ftm-rbonwi large kjuauav pantry, *“■*«»• 
cellar, 7 prindpal bedroom^ 2 secondary bedrooms,* bathrooms, 2 
' ‘ huge- attic rooms. . 

. Outbuilflngs with A ^officas, cloakrooms and stores.' 

Well bdd out Cardeos and Grounds- extending to about 
' 24 ACRES ' 

- For Sale jjqr : Private Treaty 
Details from: 2W28 Bridwt Street Cambridge.- 
Tortphwwr (0223) 352566 


MARSHALL 


MORTGAGE 


MORTGAGES 

AND 

re-mortgages 

BEST RATES 

Contact 

MICHAEL LOCKYER 

01-680 7797 



RADNORPLACE 

m 

Alaige and magnificent family residence 
on the Hyde Park Estate, complete 
leisure complex with sauna, solarium, 
shower loom and excellent rear garden. 

Master bedroom suite whh dressing room and 
bathroom, 4 further bedrooms, 2 further bath- 
rooms, superb drawing room, reception hall, 
reception room, dining room, reception/ 
studio, kitchen / breakfast room, utility room, 
cloakroom, wine celJerage, large roof terrace, 
secluded rear garden, secure garage. 

£895,000 

indutflngfltments. LeasriiOl<£ 

CHESTERTONS 

V PRUDENTIAL ^ 

40 Gonanghi: Street London W22AB 

TeL- 01-262 5060 Pax: 01-724 4432 



Building better homes for 
Londoners 

ASHTEAD: 4 bod detached houses, £23M3aOO(l 
0372276363 BANSTEAD: 4 bed detached houses 090-205000. 

0737352232 

HACKNEY E9: 2 S3 bod town housas. E52-64jOOft 
07-9863206. KINGSTON: t &2bBdflaBE0O^2jOOft 

01&60934. 

ROU®WiTt£SE1 0;3bed town houses. C80-83000. 

01-2377656 WOODF O ROGB^EIB; 2^ bed ho uses. £64^6006 

PL 505 6776 


Phone timr for detaBs. 

. m A Trafalgar House Company 


hat 


r^trj35Vi‘V-.-* --- 

























XII WEEKEND FT 


Country Property 


BIDWELLS 


chartered 

surveyors 


SUFFOLK 1033 Acres 

WKlfc Norwich 23 Miles 

ONE OF SUFFOLK’S FINEST FARMING ESTATES 

Substantial bouse with 7 bedrooms and siaff 
accommodation. 5 Cottages, excellent 
Farmbuilding with Grain Storage for 300 Tonnes 
FOR SALE WITH VACANT POSSESSION 
AS A WHOLE OR IN LOTS 

CAMBS/HERTS BORDER o 660 ACRES 

Audlcy ^ad^Sui^b Miles (Liwrpcol StreM^minuics) 

A MOST ATTRACTIVE RESIDENTIAL 
AND AGRICULTURAL ESTATE 

Period farmhouse with 5 Bedrooms, 2 Cottages, 
modem Farmbuildings, undulating arable iand, 
woodland and conservation grassland 
FOR SALE WITH VACANT POSSESSION 
AS A WHOLE OR fN UP TO 5 LOTS 


Trumpington Road, Cambridge CB2 2LD Tel: (0223) 841841 



LowtherScoK-Harden 

l. luirH'H'd Survfgois 



ORSEH UKE FARM. 

MAUNBY, THffiSK, 

NORTH YOWSHUtt 

(5 miles Think ant! UtorthaHenuv 209 miles 
Dvilngton: 28 /rifles voHrl 
A deMrtful nrtwety amounting to 92b acres. 3 
rptrjmcn rooms. 3/d bedrooms. 14 loose tents. 
Post and nil paddocks. Ideal Lhrery yard. 


HAMBLETON LOOSE, tUUWLEKM, THKSt, 
NORTH YORKBMRE 

IS toes WnK 25 milts York; JO TeeWdri 
A rnroseable Country House titrated W out- 
standing uuu ntry ti de. House <eell suited as 
family tone or for c tt nmw O al purposes. 3 
Reception Rooms. 8 Bedroom. Excellent Stab- 
ling for 20 Horses. 


[ Monk end Estate OHice. Croft. Darlington. 
Co. Durham DL2 2.S.J 
"• . Tel. (0:125) 720071) 

Telex: 5S057 AVVSII G. 


BelMngram 


SCOTLAND _ 

STRATHCLYDE REGION, Isle of Buie 2JE3 ACRES 

RARE OPPORTUNITY TO PURCHASE 
A VALUABLE FORESTRY INVESTMENT 
IN ALL ABOUT 2.0Z3 ACRES 

%9 mb of Now Land for Planting (*mi F^J5fP n,T *^ 
Further 523 mm recent! ji planted (1986/87) 

Small established woodlands, efe, efc 
Recently t ttu oM tt roaded ah oo t 9 tan 

lowly Fwrotae*. Cote OeU, P ^dockg d l^ S toai^ 

In a beuiM m rf Scotized, highly data mmom 

For Sate as a Whole or In Two Lots 
For fanter tielklfs K&F 
BelMtxgram 




Hr aansiMd 

Surrey 

4 double bethomm, 25 yr cfo. se wF d eodied 
Family House. 

40 ndantes ca a rerett ng tfsroace London. Easy 
access Gtefctg Heathrow aid M2S. 
Fitted fctaten uM hah art own. Separate 
torara/Dinfng room. 

integral greaae, seduded rattan wMi patio. 
G-CuH- 

fijr ere* air offered at the rexflstic price of 
El 1 0,000 
Tuieahone 0737 3SM26 stiha - 



B)r (Srectisa of the 
fining Heath Charities 

SOUTH 

OXFORDSHIRE, 
NEAR WOODCOTE 

AN EXCELLENT BLOCK OF 
COMMERCIAL AND 
AMENITY WOODLANDS 
situated in the Chiftems, 
principally mature beech/ 
extending to approximately 
132.41 acres. 

FOR SALE AS A WHOLE 
OR IN 2 LOTS 
BY FORMAL TENDER 
(unless previously sold) 
(Closing date 
18th September 1987) 

Apply Jotot Agents: 
KING & CHASEMORE 
Agricultural Division 
Fulboraagh, West Sussex 
Telephone (07982) 2081 
and MESSRS SID LEYS 
24a Market Square 

Bicester, O x for d s hi re 

Telephone (0869) 252529 


Financial Times Saturday September. 5 1987 


A Unique Development Opportunity 

SomerhiU, Tonbridge, Kent 




TO BE HELD AT 

The Berkeley, Wilton Place 
London SW1 


New Homes 


cs^ndrew Qrant 


BU d hdpte te i reicta tol te» t*r a— mWarsTEg Office 
To Trirotor SuttCT BBS M) 511 

HEAD OFFICE: 58/80, FOKOATC STREET, WORCES TER 
Ted. 0808 24477/8/8 


I STRUTT &„«U 

PARKERS 


1 


WEST LOTHIAN 


Bfiubutgfc City Came 16 miles 
A tpadnn and *dl appointed i 


. . _ Gfasgow 33 miles 

i have b a qnkt raral peAka wfeh sapcrhi riees reran ■ 


Reception HsO. Drawing Room until Dmmg Area. Study/Bedroom A Matter bedroom *tfh cosmic 
Dressing Roam A Bathroom. 2 (unto Bedrooms and Bathroom. Oil fired central healing. Double 

Jout Anns— W. A J. Burness. 25 Qoeendeny Sum, Edhttengh. 

Tet 031 -226-2561. 

Strut ft P utter Edinburgh Office 26 Waiter Street Tct 031-226 2500. 

{Ref 3BB 3660) 


EXECUTIVE LIVING 



* v ' »' . -A.' 


The Richmond is an example of the four bedroom, 
double garage, homes in our small range of properties 
available at this select deve l op m ent. 

Prices for this home are from £185,000. 

at Yewhurst Place, 
off Carlisle Gardens, 

T W Y F O R D 

At Yewhmst Place, Twyfixd we are deluded to announce 
the avaibbfiity of the first phase of our new and exclusive 
devdopmcat comprising haoMy four bedroom detached pro pertie s 
wife juices from £159,950. 

pnr fiiB ifamilit plwne gyUurt ntir i q u m wimi ve 

atthe Sales Gome, open seven days a week, 

11am - 6pm- Teh Twyftud (0734) 340012. 

AS prices qaoced are crenel at dree re poteen gnat. - -- 

Costain Homes 

fnataln fliara (Tnmrtiri — J f liultr •* Chapel Boom Uw mlaed Mirloff 
Breekii«h«MUrw8L7 1X1 1«: IMs»<«ttU)«Mi 


STRUTT 

PARKER^r 


U f«_L STTKETB£RK£U;': SCUAht 
ux.ixy-v.-ix SC L 

01-6297282 



DEVON ABOUT 586 ACRES 

Tiverton 9 miles. M5 (J27) and Tiverton Parkway (Paddington 2 hoais) 
both 14 miles. 

THE RACKENFORD MANOR ESTATE 
An outstanding residential, agricultural and sporting estate. 

18th ce ntur y Grade IP listed house with views to Dartmoor. 

4 i nce ptio n looms. 10 bedrooms. 6 b a throoms. S tabling. Parkland. 

Stock Gum wife farmhouse. Stud wife stud house. Pasture and 
woodland. 

For sale as a whole or in up to 5 lots. 

London office: TeL 01-629 7282. Taonton office: Mendip House. 
High Street. TeL (0832) 277261. Exeter office: 24 Southembay West 
TeL (0392) 215631. (Ref.IED9976> 



27 Soho Square, London WlV 6AX 
Telephone: 01 -437 6977 
Fax:01-437 B984 Trfeic 387397 


Jackson-Stops 
srr* & staff 



Devon 

Buttezirigh. CnflompaiD/MS 4 miles. Tiverton 2 miles. 

Farmbuildings 
for Conversion 

A superb 16,000 some foot range of stone fermbmidings, 
incorporating erisang 3 bedroom cottage, and with Hanning 
PenmssiaomrconvEraian id provide a further 6 bnenzy bouses. 

For Sale Iro Tfcndez: 25th September 1987, 

Apply: lOaoathernhay West, BxettrEXl JJG. 

T&cphoue; (0392) 214222. 


FAIRBRIAR HOMES 


John G. McGregor 


Retirement Apartments 
for sale in select areas of 
Cheltenham and Brighton 


PRICES FROM £49,000 


For further details please contact 
Kimm Humphreys (0734) 477866 


NEW FOREST 


Thatched proper ly with Forest Rights. 
MZ7 2 mfles. Idyllic parkland setting — 
secluded but not isolated. Four 
bedr oom ^ 3 receptions. Over two acres 
Including large established garden, 
paddock aid orchard. 

Offers £230000 

Thirl* rate 0703 BX2 TOO . 


UANDAFF CARDIFF 

Km* 1, 2 and 3 bed flats wftb superb «■ 
5 mins. city centre 
Prices iron £41,450 


r flat on {0222) B56BB7 or tba afrol* 
DONHKMi MO VDUNB 
taaaf 373438 fer colour hmhont 



London Property 


Rentals 


Humberts Residential 



HEART OF EXMOOR— NORTH DEVON 

with far-reaching views 

nrmewiG manor house fob bestohitkhv 

UNIQUE OCTAGONAL MUSIC HALL FOR CONVERSION 
OUTBUILDINGS, GARDENS ft GROUNDS OF NEARLY 2 ACRES 

Current Planning Consents: Superior Country Residence (16 Beds). 4 Separate 
Residential Units (3 to 9 Beds each), Business Training Centre. Salt NarringHome or 
similar establishment. 

Auction unless sold early October. 

Guide Price Region £10M0R 
Reply. The Square, Seott Molten (07895) 2283. Ref C388 l 


King & Chasemore 
Nationwide 

Estate Agency Z£ ^ 


THE SQUARE 

as described in 
ALL THE BEST CIRCLES 

RICHMOND 

Fairbriar Homes .... 


SALES CENTRE OPEN DAILY 
from 10 a.m. — 6 p.m. 
Phone 01-940 0325 


BARBICAN ECS 
Large 1st floor flat £78,500 
BLOOMSBURY WC1 
1 bed flat in mod p/b block £65,000 
BLOOMSBURY WCI 

Superb 2 bed maisonette in period building with 
sole use of patio garden £170,000 
FRANK HARR IS AND COMPANY 
(01) 387 0077 


HENDON NW4 
FREEHOLD TOWN HOUSE 

wM sse of tiwm a i gardens and dare In 
nmogwuMt aampary. Arririteet desigofd. 
unasoaHy uactoas 4 beds, 2 bath*, tottgrj 
iH hi Mt gnse- 

FoUf t*i&ea mP Hfl w WdMi 
£200,000 

Phone 01-203 2732 for detafts 


L aiv i.> fij 


BELGRAVIA 

FREEHOLD 

S beds, 3 barbs, 2 rccep. btchcaftxeaifaa. 
Kpanc WC. Good garden 

£625,000 

Weekend: 0836 238881 
Office: 01-486 542S 



WILTSHIRE 

Between Hungerford, Marlborough and Andover 

Substantial Farmhouse To Let 

3 reception rooms, 4 bedrooms, 2 bathrooms, 
cloakroom, kitchen/breakfast room. Oil central 
heating. 

Garaging and outbuildings 
Walled garden 

Garden and paddocks, in all about 13 acres 

To Let under Company Lease £750 per calen- 
dar month 

Details: Humberts Pewsey Office Tel: (0672) 
63265 

U5IM0WIFD) 


Properties available: 


AT THE FOOT OF THE SOUTH DOWNS, FUUONS. WEST SUSSEX 



FLATS 

MEWS COTTAGES 
TOWN HOUSES 
LODGE PROPERTIES 


£115.000 

£207.000 

£272,000 

£285.000 


Overseas Property 


BRITAIIMS LARGEST 
OVERSEAS PROPERTY 


open the door to 
THE GOOD LIFE 


SMITH WOOLLEY - 

CHARTERED ■ SURVEYORS 

BUCKINGHAMSHIRE 

An exceptional residential and (mslatu 
oepornratty, In sedoded position. 

Mtfi Wycombe 2 ntiles. London 77 miles. 
House with 5 bedrooms, 4 reception, 3 
bathroom, cloakroom. Gardes rad 5>2 ams 
pasture. 

2JM sq It of traditional terra with potential 
far comcnfcM to a winter Of tornea uses, 
TO LET 

Least for 2Q yean anUMe 

Apply 

SM ITH -WOOLLEY 

8 Oxford Street. Woodstock, Oxford 
Teh (MM) 811624 


COTSWOLDS 

Adjoining the Wludneb Valley new Harford 
Oxford 38 miles. A targe period CobnU stone 
rBagehwse offering grem potential far fny un 
mem wtth attached aanere aod «xtre wp» are 
amjn x H B da lon. ftardens and paddock. About h 
acre in afL 

FOB SALE BY AUCTION 
la OCTOBER 1967 
(unless soU prhafefr b do rtPa M 




OMtanham ORte (0242) S14849 or 
Borfonf Office I0W 382) 3636 


HAMPSHIRE— River Test 

Imaginative coach house conversion 
of character wife water frontage. 3 
spacious reception rooms, galkried 
util, kitchen/breakfast room, cloak- 
room, utility room, 4 bedrooms, 2 
bathrooms (1 en suite), oil central 
healing, part walled garden. 
Joint Agents 
Jackson & Jackson 
(0794) 523242 
Janes Harris & Sob 
(0962) 841*42 



HO CM RGB ST, SW3 faunae. 2 tad UhM. 
Ex fnuug bmjii U M t. DtUipS. E I6tL000. 
C- Hrt^Vn-225 BBS 


UpertsaradbyMi 
8 wimL WMWarrtng 
for mere mta me uon- 

I Dta* F T Moron* 
Owwm, 387 City 
(toad. London EC1 
Trte 01 4780232. 


jAcksqAi 1 


OSBORNES OAST 

Traditional stone built oast house wife 
full planning permission for conversion 
into large prestigious country house. 
Superb features. 

Situated close to A325 In North East 
Hampshire (London 40 minutes by train; 
Telephone 04203 2486 for details by 
return. 


Un* b Baker Street 22 minxes, pto 
bouse and canape wtb bearotaoi godeis 

CmltSMUE SARDEMS SWT. Eng. stn. 2 tad 



» > . 1 ‘ 


LUXURY HOMES ON THE RIVER AT MARLOW 

Luxuriously appointed three and four bedroom houses on die river near Marlow Bridge. Prices 
are from £245.000. Awarded Commendation in NHBC Top Awards. This is die final phase of 
only seven properties - an early viewing is strongly recommended. Please contact our sole 
selling agents Giddy & Giddy (Riverside), __ # t Y .. 

5 West Sznset, Mariow. Tel: Marlow 75373. ( HODlfiS 

APprfca pared trewrreaM ter rffpiog to prw. toAIO m te** 

^hitmBfgreitetillteiMjQralttita Uptcti Bared MtalteBadteii(kMWhhv8»- ?1 *‘ ,,MitMM * p * t0 ^ 84 jS^ 


COTE D’AZUR 

Airport 20 mmrtes 


4 bedrooms. Ixp «nm BeratiW gredns 
wtth taBtd pooL Breatiaaktag ttenwcrtfie 
UrefTarranuEL 

Pretty feMteod H required. Priwtia ted oot 
tma. 

Ptgrtas taPPeUSH front 

nMlfCe CBM9S1 « 5» M 99 


Home & Sons 







At the ax cl ort ra cabo Rote 
AJBcaote Spate 

8o»4te«tM bodnon maiMnetto with km 

terrace & porch adjacent to the 

ffafitamnera owafoaMng faeach & Marina. 

Switmuiy hjmiahad. Swtmmlnd pm a 
Oartiana. Naaroeri ca*. 

W. 0439 722367 Breetoia. A70M0. 


TUSCANY 

Lrege restnd IWi Ccawy srinrj an Ml tap vWi 
2S inti ri ficte, riityardt and weodt. Panarereic 
360 ties. we« af ite Am ViKer ad earataydde. 
MpaDMataZ^renDddeteeteftaMapret- 

mcBts,radwrrfef9BP»wert , 4b td reB^3reap. 
liM raretmtau Aha ew voo tq ft grand fleer 
(Mho. Lacread 7 wBb from Arezzo a* of 
Attostredz AL 40 ndre. re Ftorecc. Stoic Car- 
Hrea . Prezdte Tiacra toae fw. laarec predactag 
and eo ni i n aiiid preMde, 

PUCE £ZUyM8 
Ucphan Eagbari 814K US 
re erfeS. fearer, HSfcdrt fate 
Lndra NWS 


7W re 01446 4080. 



rarecE— pkttrsxpe RoRtitm reUabia Mat» 

Pyrtneas. Own local offka. Ban* vHlage 

1 »™*UST5. Hand ak* 

016^89 224QU. ‘ ^ I 





























•irifiy 




vVmTTrfiT’ 


it 


aiiiMi' 


£5* 




•..‘•‘I'IS 






&&££a 


; Plica; 


•aff am 


* ‘r»**Cfca 

uaPMt 
«ijw *>c nac 
-f/. •» aa:aa 



a-.: iass 


2 :rrsw 


:D cErcslO’ 


7ss: 


’NL«Jy. V '. 

/via? 


; .•.-• -•■:>■ 


.I.0*- 


■" :** i* 



«ss^ 

iRS-'-Tt 


ZSjh 


• ^ ■' .3* 


Go out and buy 


t-' 


HI 


$S® 


■ >. “the Erolstoit Ethic sod' the Action, while It is shmly not 

75E ROMANTIC ETHIC Spirit of Capitalism" in the the case that “only in modem 

SPIRIT OF sixteenth and seventeenth times have emotions come to he 

MODERN CONSUMERISM centuries. But Instead of located within individuals." 

by Colin Campbell. 'Basil -• seeing, as- - otter sociologists r- &efl hfl . diB . 

Blackwell. £2590, 801 pages , ^ ‘jFjjB us 

— 1 StedPSbSe- b££ iSfS 

TRADITIONAL explanations of teg 'jfe.- « ft *«?. *4 teck^fte^SSle?" 
w^er behaviour, past and cultuA°» rf anTSte 

pTwew, usually draw upon two WPbeu _argu« for its as the apoflee ^ Bimumtic 

sfts of assumptions. One, from opposite effect He shows, on Ethi - “ £7 so but it 

classical economics, sees con- stroigish evidence, that Pro- SSrJr*JS 5* *£5 
sumers as subordinate to the testannam, and especially SSderam toteroret teS 
essential interplay of supply and Puntanism, earned within it coroSerist^pShara we tore 
demand, or, k la Galbraith. as not only dedicated Industrious. 3SS Swed a^wSd rf 

*s£rsr? £ *5 €c £* w s c as-s; srs, 11 ! s pS«oSP 4 

system that depends heavily also two powerful strands of w >,ere shaoprf hr th« media! 
upon making us acquire things “senthnentaUsm” and "emotion- JJJJJJ’ “SSL JSSS 
we neither want nor need. The alism" which converge eventu- IjT*!! nmnUZSL 
other, more psychological in hOrMoJbmfgMnm concern 2?bee2?mii 35S5C 
emphasis, sees ns as motivated of the English Romantics for ^ 

by a need to keep up with the the pleasures of feeling. Their ™ to ™e fesMtm? C01WpS * d 
Joneses while being helplessly final mutation is into what “ ere ttswonr 
manipulated by a battery of Campbell e»i>g “the antono- But least persuasive of all is 
hidden persuaders. mo us, self-illusory hedonism ... Campbell’s version of modem | 

Dr Campbell is rightly dis- at the heart of modem con- hedonism itself. This he des- 1 AUGUST AND RAB: A 






Peter QnenneD on a French novelist 


who went among the masses 


Bab in power: Budget Day, 1952 


Rab’s widow 


circus, to which he and Mollie 
were always invited to a box at 
Olympia by the Bertram Mills 
family. Perhaps it reminded him 
of politics and the House of 
Commons. 

To MoUie’s regret, he had no 


satisfied with both explanations, gnmerism." cribes as 14 covert and self illu- MEMOIR Olympia by the Bertram Mills 

and in this thoughtful and sory ” and through which “in- ^ Mollie Butler. Weldenfeld family. Perhaps it reminded him 

densely argued book he not only - As a. piece of straight divi duals employ their * Nicnlsou. £1295. 162 pages ®f politics and the House of 

tells us whv. hut cuts forward cultural history this can be set imaginative and creative Commons, 

a highly original thesis of his usefully alongside the more powers to construct mental ^ “ 1 To MoUie’s regret, he had no 
own. In essence it is this. Not empirical explanations of the images which they consume for H THERE WERE those who liking for, nor understanding 

merely did the Romantic Move- rise of consumerism — class, the intrinsic pleasure they pro- admired Mr Macmillan, and of either Jane Austen or P G 

ment assist crucially at the birth population growth, technology vide, a practice best described others who were less enthusx- Wodehouse. One would have 

of modern consumerism, but and entrepreneurship — as day-dreaming or fantasis- astic about him: I have always thought that Lord Emsworth 

since the Industrial Revolution deployed by most historians, log.” But do they? Do we? belonged to the latter category." would have been right up his 

it has been the “ romantic n But even here it is a little Surely much modem hedonism. So writes Mollie Butler, widow street. MoUie’s explanation is 


looming larger 


belonged to the latter category.” would have been right up his 
it has been the " romantic n But even here it is a little Surely much modem hedonism. So writes Mollie Butler, widow street. MoUie’s explanation is 

rather than the “rational” mmexving_ to find the Cam- however linked to consumption, of Rah. When Macmillan was that, as with music, he never 

ingredients in our culture (ie, bridge Platonlsts and Jane is not — especially in Mrs instrumental in preventing her had time to appreciate them. He 

our emotional .rather fh»n our Austen looming larger in Thatcher’s Britain— 1 " covert husband from becoming Prime put Keats above Shakespeare 

material needs) which has pro- Campbell’s causal chain than and illusory” but firmly rooted Minister, she vowed never to did not share her admir- 
vided co nsumerism with its Evangelicalism, Cartyle or in class. Income and com- speak to the former again and Jbon for Proust, for whom he 

main dynamic, Ruskin. He also presumes a inanity. As Woody Allen— the almost stuck to it bad no time at alL 

His historical' starting point,, little too readily that cultural Walter Mitty of the 1980a— says This is not a political These are details, of course, 

directly echoed in his title, is phenomena (e.g. Romanticism) somewhere, " who needs dreams memoir, however, but a love but precious to know about a 

Max Weber's famous study of necessarily shape thought and with a life like mine?” story; or rather two love stories bas so far mainly 




THE LAT E MVS DOROTHY 
PARKER 

by Leslie Frevrin. Sidgwtek & 
Jackson. £1495, 344 pages 


story; or rather two love stories “an who has so far mainly 

The first is of her marriage to been written about as a poll. 

. • " August Courtauld, a renowned . _ 

_ . - _ - _ _ explorer after whom a glacier The author, however, rein- 

1 ^ A m _ _ and a fiord were named and forces-perhaps unconsciously 

B IllAAtl - f|AA 7 g c ‘■TIWICT who diiS at the age of 54 after — « ‘P 01 " that cane ovt in the 

m fllccll I V C C ^ IN 1. 1 1 1 a long, unbearable illness. The early part of Anthony Howard’s 

ItyVII WJ W# wUAte second Is of her marriage to recent biography. Itis how dif- 

ferent were the social condi- 

Fair. Her constant companions $5,200 a week. It was an offer A’lgi^t was fte cMrin tf Sh^began 1 ^ ma^thelr^nS 

were her colleagues Robert she could not refuse. She took JJuttert in the preW^eriod 

Benchley and Robert Sherwood, up residence in the Garden of Jen*# died fim years oilier. ^ ^chlbut gained 

Their regular lunches at the Allah where Sheilah Graham ■ lot from the Courteuldam- 


Algonquin Hotel led to the remembers her looking like i“ a I gwj* nections. It became natural to 


EVERYBODY KNOWS 


toSSra “Tte Rmmd todtol?: . .^dth rether E^to teW^S^l 

Table at the Algonquin or, sparse black hair in sticky- JS L5?“ e , "AH houses in Essex,” writes 


Who es some called it, “the Vicious looking bangs on her forehead.” | Mollie, “are halls M — and to 


WilU SBia mat- U <U1 Uio »*«»•*« *• — I — ; — — , ____ t» m,. tJawwuij nu uic JUCU1UWB IU 

chorus girls on Broadway Alexander Wodlcott and even though he, too. came the family had been connected 

were laid end to end she Harold Ross; and Edmund under the lash of her tongue. P“t m the book is about her Trinity, the Cambridge 

wouldn’t be at all surprised. Wilson, Donald Ogden Stewart He stuck it for 13 years; they hfe with bu tier. ^ _ college of which Rab eventually 

But she was also a best-selling and Haywood Broun. were divorced in 1947. He Some of her stones about Imn became Master. Almost every- 

poet and short-story writer, and Mis Parker was, according to remained loyal, however, and in “ay not be widely mown. He thing that he did seemed 

an envied member of the Marc. Connelly— one of the toe 1950s, when she was sub- was apparently capable of effortless, even If it was not 

exdusive Algonquin literary many irregular visitors to the poena ed by the House Un- carrying a bottle itf mne m ms Something fundamental lies 

circle. Circle — a riveting presence. American Activities Com- trouser pocket without imauiy changed in the post-war era. 


ck* v * wtev She spared no one; she could mittee, they re-maimed. , , . _ - — 

SSpr J not be bought But otoer rejaHonaMD lasted jmtil I referre ^ to ““tic played on the story that matters and will be 

People could. When She made J JSfS^JStTte SSSf^A J?*, remembered. 


distorting his appareL He still. In this case it is the love 


Rott^^prospexous gms 2Sd ^ 

S(?SS'S®1& SSao^tS?cA-^dmJ “tfertennieteiMSlte 

ing who HvedwSi his wi|e 5^^ by^lS^ffle^CaSdi ano1h " hnsbandl” she said to | 

mint w PhtiArm xml ? aCKea yonoe 


Malcolm Rutherford 


Elisa, their four children and 
five servants, in a large house on 


Mast, owner of Vanity Fair. 


a shocked neighbour. She lived 
on alone for another 4 years 


aeivautt, 111 A UUV> uuuoc ™ ■ WMunf ", wanlkp nlatfiwm . . .. . r “ 

Wtet Kihtfcth r Street. New 5L? e V SS,'X 




mother died and her father -re- affairs were by now the talk trf u ^* 


THE HEARTS AND LIVES 


Fiction 


married. The stepmother was the town. One, with Charts Edmund Wilson said that she W MENiy Rq Wddon. 
a “ hellflre . and • brimstone " MacArthur, resulted in an abor- Pitt Into what she wrote “a Heinemann, £1095. 328 pages 
Christian and Dorothy was sent tkra. Mrs Parker was found voice, a state of mind, an era, a ANOTHER LITTLE DRINK 
first to the Convent of the with her wrists slashed but she few moments of human experi- by J ane Ellison. 

Blessed Sacrament and. then to recovered her sang froid suffi- once that nobody else has con- seeker & Warburg, £1095, 

Miss Dana’s School for Young edentiy to write: “ Razors pain veyed.” It is true; and it is her 217 pages 

Ladies in Morristown, New you; /Rivers are damp;/Acids best epitaph. Although Leslie scmNn s T mrr 

Jersey. At 17 she left home stain yau;/And drags cause Frewin’s account doe® not have “'r”" 

and, with a small allowance cramp;/Guns aren’t lawful;/ the flavour of John Keats’s now w*rh*irv «ofls 

from her father, went to live Nooses give; /Gas snudfe awful;/ sadly out-of-print biography nor Seeker : warunrg, £ioj». 

in a boarding house on 103rd You migh t as well live.” the authority of Arthur SS 

Street and Broadway. Tn ^ tR oa Kinney's Twayne’s United FAST LANES 


Nell 




in a boarding house on 103rd You migh t as well live.” the authority of Arthur 359 pages 

Street and Broadway. to the summer of 1926 she Kinney's Twayne’s United FAST LANES 

When she was 24 she married went to stay with Gerald and StatMA^ore^i^. rtisa 

Edwin Pond Parker n, an in- Sara Murphy in Antibes where Faber * £8,fi5 ’ 148 ***** 

vestment broker and a pleasant, she had an affair with, among —mmmmmm—m—mmmmmmmm—m 

shy man.: The only snag was others, Scott Fitzgerald. Back in ?* —n.™ 

that he drank at least one New York toe continued to ' ta » Mlld J* 1 tofldxpeak( "toe FAYwtaDOIfS new .novel 


again 


bottle S a dSTAte poor viWol ^Tall and randiy. «“«*«? EngHto poet Bnpert The Hearts and Lives of Men 
he was wounded to France ^Her secondmarriage wwto ® r ? ok 5u . “Pf. ta « departure from mo ton 


serving in the Am b ulance an Adonis-like bi-sexual named “■ 

Corps, things went — as Mrs Alan Campbell. This was ta j£SLJE.!?JS!w 
Parker said in another cimtext 1934 when she had become 

—from “bed to worsen They much admired tor her fiction. ff gi S 

were divorced after two years. Hollywood beckoned. Letand £oT tm subject. 

In the .. meantime toe bad Hayward offered her and Camp- 
become drama critic of Vanity beU a sfk-picture contract at vjCIHirBy IvJ 


Harking back to nurture 


nd material and a real magazine, an arrangement not 
Or toe subject. often seen since the days of 

_ _ „ Dickens and Thackeray. She 

Geoffrey Moore has thrown herself whole- 
heartedly into the task, bang- 
ing out a chapter a week with 
a diffh anger at the end, step- 
ping out of the page to address 
ns as “Reader”, even coming 
up with a character named 
Little Nell, whose eventual 
reunion with her natural 


A GOOD ENOUGH PARENT 
by Bruno Bettdheim. Thames 


about toe way 


. I parents would have us all weep* 
the child deve- titionsly) about doll play as the I j n g into our embroidery in a 


lops a concept of self. “ The goal way gins especially make sense less cynical, more sentimental 
in raising one’s child,” Bettel- of the models of parenting they age. 

halm » «<■ +n anaMa him hotra naaitraH amri tn rtlB _ 



and Hudson. £1295, 377 pages helm says, “ is to enable him, have received and project to the 
^ ^ first to discover who he wants future. Bettel h eim urges 

. . . . .. . . _ to be, and then to become a . mothers to look back on their 

THE FIRST point to notice person who can be satisfied with own play with dolls and use it 
about Bruno' Bettelh eim ’s himself and his way of life." to join their children playing 
“guide -to bringing .up your The uncomfortable troth that with dolls, thus re-experiencing 


to enable him, have received and project to the T farf j—-. Weldon; bright and breezy 

who he wants future. Bettelheim urges m S ta 72 ^ rSbriiSb^S. 

i to become a mothers to look back on their ££?{g aton^S- affectionate parody of toe Vic- 

>e satisfied with own play with doUs and use it comedy of manners in torian triple-decker, with even 

way of life. to Join their children playing modern day London, centred 8 bit of Bridetoead thrown in. 

table troth that with dolls, thus re-expenencing appalling creep Tte aal3l0r 13 not embarrassed 


a m i H-rr w vi*s gooa enougn puew you nave xnotaers ravoiveuuuiL iu »ucu s^dneinK 1960s. He is con* Dusmess. ana cneerxully OiS- 

work by toe celebrated, octo- to be aware of yourself, where play, while simultaneously feet marrying and divorcing poses of superfluous characters 

genaziaa- -psychologist who you stand and what you want, tng in themselves " what it now axti ^Sy daughter Helen, by by running them over with a 

made his reput ation: healing You then have to see the child means to be the mother of a w hom ' he has Little Nell; lorry* She's occasionally slap- 

deeply disturbed chi l dre n, as coming from you and ' little girl who plays with dolls,” continual]? carrying on an dash— Harry Belafonte was 

There are no immedi ate or affected by you but separate What do you do if you did not affair with bitchy South African never in Guess Who’s Coming 

definitive -.answers to the from. you. You have to let toe play with dolls yourself, if yonr heiress Angie, who is toe to Dinner? — and strains a bit 

question of: wtat:tonstitotes_ H a. child develop at his or her own mother did not play with you shareholder in bis when the two leading characters 

good enough parent” . pace, without putting pressure and if your daughter wants to business and is never going to contemplate marriage to each 

Indeed, social workers and for your goals, patiently sup- imitate you by playing with a let him forget it other for the third time. As a 

psydbologists In toeir clinical porting him or her in every typewriter? np .11 meanwhile is subjected dig at the world of fine arts 

practice, magistrates and judges activity and phase of explore- Fortunately there is a way to a tug of love between her though, The Hearts and Lives 

making' decisions - about , the tarn. The catch is that all the Bettelheim never touts estranged parents. Clifford of Men offers plenty of enter- 

future of children in care who time children grow up they q. b door ^ compromise. If I arranges for her to be kid* tainment, which is all one really 

may have been .IB-treated or are not so much l istening to him right by playing dolls napped and flown to Switzer* wants from a novel, 

neglected by their parent^ have what you say but watching wit j 1 70Ur daughter you can land, only to believe her dead Jane Ellison provided plenty 

been trying for years to find what you do. To use the mak0 '„ D * or yourself the ex- when the plane crashes on the of entertainment last year with 

guidelinesto toe concept psychoanalytical jargon, they. TC rieoce you did not have as a French coast But Nell survives her tost novel A Fine Excess, 

In the.. I960 edition of Dr are internalising messages from r hiM and enjoy giving your and progresses from brothel to and is following it up now with 

Speck’s baby and child care you parental behaviour. child an experience you did not French chateau, where her Another Little Drink, which 

could find a detailed description Parents thus take, on an awe- mil , mother And adoptive parents indulge in does for journalism what the 

of childhood ratoes and you some responabUitv and there ^ black magS then back to earlier book did for poetry. The 

could also look up pages S3&S31 are practical problems.-- How, presumably, if your aaupner England in a series of wildly plot is loosely structured 

to find out. what ;to do " about Jar example, can they avoid Chooses a typewriter, she is ae- improbable coincid e nces that around a clapped-out writer, 

temper tantrums. The advice passing on to toe next genera- veloping her own way so that take her from, a children’s currently the subject of a tele- 

tbat follows is not so different torn toe deficiencies of their must be all right, too. The home run by a Bumble-like vision programme, who has 

from what Bettelheim dispenses^ own upbringings? 'Bettelheim answers are neither simple nor character, to a criminal’s Here- sunk into a wen-deserved 


it The media behave predict- 
ably (no fault of toe author’s, 
who is merely recording what 
does go on); so do those whose 
careers depend upon the media, 
whether they be proselytising 
MPs or party-giving titled ladies 
who keep themselves in the pub- 
lic eye by graciously appearing 
on TV panel games. The author 
has a nice line in waspish, 
often recognisable portraits of 
pseuds and frauds, the 
sort of people whose names are 
linked in the public mind with 
Literature, even though their 
own contribution to creative 
fiction has never got any further 
than filling in their expense 
accounts. 

She’s less certain though in 
her tone of voice. She betrays 
herself with a forced jokeyness 
and a constant urge to amuse, 
when the trick is simply to tell 
a good story and allow the 
humour to arise naturally from 
the plot. Her characters let her 
down too, with names like 
Quintal Flugge, Lucinda Harpie- 
Kerr, Lady Arabella Spring- 
Greene. If she gives them sen- 
sible names next time, and 
places more faith in her ability 
to entertain without forcing the 
pace, she will probably write 
an excellent book instead of 
merely a good one. 

Anne Redmon has written a 
good book in Second Sight, a 
modern ghost story, with 
acknowledgements to Bram 
Stoker and Henry James. It is 
narrated by an American school- 
marm whose religious weirdo 
brother dies mysteriously in 
France and then apparently 
returns to haunt her and her 
sister, each return being linked 
in some way to the narrator’s 
epileptic fits. There’s very little 
action, although the book moves 
from America to Russia to the 
Gobi desert, where the sister 
also dies in mysterious circum- 
stances. It’s a strange story, 


but then the eye travels to puts much emphasis on the *,,+- 11 - rMwaninw but those who fordtoire hideout and even- otecurity, only to be hauled 
Spook’s next paragraph. ; an power and magic of play in win loam abonr dually to an interest in the art blinking into the limelight 


I owena im&l . uu jfaw» ouu . ... i aa — alum* lUAujf *“ * — . b ww Lire uwuipii 

r£r; punishment Here . you - see. human, development Although rea “ “J* 3 BooK WI r, iear T_ aD0 “ t world that leads her in adult- when an old play of his is re- 

v- >**>' where their approaches diverge, he is conscious of the way themselves as wen as now to iuKtf to a somewhat treacly vived and the media discover 

Jf m. ..mm m . * -■ V- ■ Jo> ■ V 1 <1- —3 a 1>«1 J*A«I .-if ■ .-Jit mm WBllMvtBil VfM J I a. 


Bettelheim’s -long, involved parental roles in Western help their children. meeting with a reunited him for the second time, 

discussion of punishment is. an society are cha n g in g , he writes o-^l iL—f-- Clifford and Helen. , It s a nice idea and Jane 

integral part of his argument at length (and sometimes repe- oaraa rrtsion it's all good fun m fact, an Ellison has plenty of fun with 


obscure in the telling. It won’t 
be to everyone's taste, but it’s 
not bad either for those who 
like that sort of thing. 

For those who don't, Jayne 
Anne Phillips’s second collect- 
tion of short stories Fast Lanes 
offers a complete contrast 
notably in the title piece, which 
charts toe progress of a couple 
of drifters hitting the Georgian 
highway in search of America. 
Pick-up trucks, dope, casual sex. 
the whole bit. There’s contrast 
too in How Mickey Made It 
the biography of a street-smart 
punk rocker— half -Spanish. half- 
Comanche — -told in his own in- 
imitable vernacular. The author 
has a tremendous ear for 
language, for the American 
idiom. Not a great deal happens 
in these stores, but they’re un- 
commonly well written. 

Nicholas Best 


-.1 •' ; , : ' v . ■- 







BOOKS OF THE MONTH 


Asmotmcements below are prepaid advertisements. If you 
require entry in Pie forthcoming panels, applications should 
be made to the Advertisement Department, Bracken House, 
10 Cannon Street, London ECiP 4 BY. Telephone: 01-248 8000, 
Extn 404. Order and payment for books should be sent to the 
publishers and not to the Financial Times. 

Viewdata: the Business Improving site produc t i vi t y 

Applications In the construction Industry 

NsusMoa M Bl ISBN 0 947887 12 by Alan Haap 

1 110 pogoa £25 This book offers tochnlquM and 

1 will help 


The book Is based on can studies 
fn dw Civil Service banking, re- 
tailing, finance. Insurance, and 
consumtr goods. It examines bow 
Viewdata can be used and do- 
voiopad to aid business efficiency, 
decision-making. 

Cammed Books. P.O. Box 14. 
Nmmfe. Notts. N02A 4TP To! 0S38 
640200 Fax 01-733 0228 Telex 
8312100145 “TOG. 


Telecommunications & 
Computing: the Uncompleted 
Revolution 

John Harper ISBN 0 947887 11 3 
200 pafl»* 19 diagrams £29.75 
An analysis for specialists who 
need to know about comm u nico- 
tians developments as well as for 
practitioners who want to know 
about currant and future develop- 
ments. Covers tbs technology, net- 
work services, international links, 
the Industry. 

Cammed Book*. P.O. Bax 14, 
Newark, Notts. NG24 4TP Tot 0638 
640200 Fax 01-733 0228 Telex 

8312100145 = TD G. 


Improving site productivity 
ta the construction Industry 

by Alan Haap 

This book offers nehnlqusB and 
examples which win help 
managers struggling to mobilise 
inadequate or inappropriate re- 
source* , and facing constraints 
and difficulties, to Improve per- 
formance through more affective 
working practices. 

ISBN B2-2-106684-5 £1320 

International Labour Office 
96/98 March am Street 
London SW1P 4LY 
Tel: 01-828 6401 


Private Telecommunications 
Networks Design & 
Implementation for Business 

Ron BeU ISBN 0 947B87 2S 3 
IMpp 60 Illustrations. £36 
A practical handbook for the men- 
ager covering everything from 
types of networks. through 
gathering statistics, financial ap- 
proval, supplier selection. In ate I- 
latlon, operation end management, 
expansion to future development. 
Coratnod Books. P.O. Box 14. 
Newark. Notts. NO» 4TP Tal 0638 
640200 Fex 01-733 0228 Telex 
B312100146 "TD 0. 


Productivity maitBg w meaifr 
A practical handbook 
by J. Prokopenko 

Deals with productivity improve- 
ment programmes, quality circles, 
comparisons between enterprise* 
and business clinics, and also 
glvss information on quality main- 
mninca, waste reduction end 
human resource management and 
other techniques field-tented in 
dews loped and developing 

countries. 

ISBN 92-2-1 06901 -4 £17.60 

Inteirss iional Labour Ofltee 
96796 Mara ham Street 
London SW1P 4LY 
Tel: 01-828 8401 


The Major European 
Handbook of Energy and 
Raw Materials 

Yearbook of Mining, OH and 
Gas, Eleetridty, Chemical 
Industry 1987/88 


World Labour Report 

Volume 3 

This new volume in the series 
addressing key labour iaeuea con- 
centrates on ** Incomes from 
work: between equity end effici- 
ency," and shows that real 
Incomes have fallen in many 
parts of the world since the early 
l98o«. 

ISBN 92-2-106951-0 £17.60 

hi tame Hon *1 Labour Ofin 
96/88 Morsham Street 
Tal: 01-S2B 6401 
London SW1P 4LY 


EUROPEAN ENERGY LINK-UP 
ENERGY MINISTRIES OF ALL 
EEC COUNTRIES 

Full n porta on: Mining. Oli and 
Natural Gib Extraction, Oil 
Induatry. Gas industry. Electricity 
Industry, Chemical Induatry. Trade 
in Fuels and Other Minerals, 
Government Authorities, Training 
and Research. Universities, 
Statistics on Energy and Raw 
Materials, Industrial Equipment 
and Services. 

1,400 pages DM 98 
Published In German 
Varfag Otueckauf GMBH 
P.O. Box 10 39 45. D-4300 Essen 1 
Federal Republic of Germany 


Guidelines for the 
development of snulkeale 
construction enterprises 
Relevant far larger domestic enter- 
prises too, these guidelines *l*o 
analyse ILO'e extensive experi- 
ence In devieing end Implementing 
management development and 
training programme* in construc- 
tion enterprises so that other* can 
benefit and adapt the prescriptions 
to their Individual enterprises. 
ISBN 92-2-105635-3 £BJ0 

International Labour Office 
96/98 Mara ham Street 
London SW1P 4LY 
Tel: 01-828 6401 


P&F Traded Options Charts 


‘Published fortnightly on every T/O 
•Hotted on a 3-day Reversal Scale 
•Accurate Technical Commentaries 
‘Regular Profitable Recommend- 
ation* 

*1.800 charts per ennum for 5p 
each 

Free SAMPLE from 
Options Reutsw Ltd 
FREEPOST London 1*20 OBR or 
01*381 3S232 


Statistical and Economic 
Review of UK Packaging 
Industries 

1987 Edition of the " bible of the 
packaging industry faets. fore- 
casts. 252 pages, packar/maller 
attitude study among key decision 
makera. Essential Information for 
package manufacturers and users 
in order to keep ahead In a finely 
competitive climate. Pira study. 
Price £450. 


Howena Mills Associates 
PO Box 594 
London WB 7DE 
01-837 4038 
Few 01-837 7850 G3 




i 






Financial Times Saturday September 5 1987 


XIV WEEKEND FT 



Gardening 


Clematis rampant 


AT THE end of summer 
gardens can become very short 
of flowering climbers. Rambler 
roses have a relatively short 
season, and even the supposedly 
perpetual flowering climbing 
roses do not keep going so well 
as their bush counterparts. Nor 
is there much to take their 
place except the late flowering 
and long-flowering clematis, 
which can make a considerable 
impact at this time of year. 

For some weeks now 
Clematis Perle d'Azur has been 
making a great display in my 
garden. It has continued to 
flower long after the purple- 
flowered rambler rose Veu- 
chenblau. with which it shares 
a pillar. It is one of the easiest 
clematis varieties to grow: 
luxuriant free-flowering, and 
not minding in the least if it is 
quite severely cut hack each 
February or early March. The 
flowers are light lavender blue, 
not especially large, but delight- 
ful in the mass. I can never 
understand why it is so difficult 
to find it in nurseries. High 
demand is the usual excuse, but 
surely thi* should be met with 
high production? There is no 
difficulty about propagating 
clematis with all the mechanical 
and chemical aids available 
today. . _ 

Nearly all the varieties 
derived from a wild clematis 
named Viticella begin to flower 
in August, and continue well 
into the autumn. My favourite 
is Royal Velours, with deep 
petunia-purple flowers of 
medium size, very freely pro- 
duced. In my garden it shares 
another pillar with the old pink 
rambler rose Dorothy Perkins. 
This is also August flowering, 
so for a while both are in 
bloom together, but the 
clematis continues long after 
the rose. Kermesina is similar 
to Royal Velours; but there 
appear to be several forms of 
it around, perhaps seedlings, 
differing slightly in depth of 
colour but all beautiful and 
worth growing. 

The best blue in this group 
is Etoile Violette. There are 
also several double-flowered 
varieties — the subject of much 
confusion both in description 
and naming . All have fairly 
■email flowers with numerous 
sepals — the flower parts which 
in clematis perform the func- 
tion of petals. One, at least, is 
very old, going right back to 
Elizabethan times; but the best 
to buy now is Purpurea Plena 
Elegans, sometimes listed as 
Elegans Plena. The flowers are 
purple; not a very bright colour. 











but there are plenty of them, 
and their unusual shape ensures 
attention. 

There are also some larger 
flowered varieties which con- 
tinue to flower well into the 
autumn. One is Ville de Lyon, 
arguably the best red clematis 
at any season. 

It Is much like Ernest Mark- 
ham, which has two flowering 
seasons; the first in June, when 
the flowers are really big, the 
second in August and Septem- 
ber, when they are smaller but 
more numerous. I grow it up 
that excellent climbing rose. 
Pink Perpetue, with which it 
blends well. 

The nearly pure-white Hul- 
dine is another clematis that 
goes on flowering for a very 
long time. So do the popular 
iris-purple Clematis jackamanii, 
and its variety Superba. Ex- 
perts say that Superba is the 
better of the two because the 
flowers are fuller and the col- 
our a little deeper and redder. 
No doubt they are correct, but 
I think there is a lot of con- 
fusion between the two in nurs- 
eries and that even when the 
label says Superba it may well 
be plain jackamanii. 

1 am supposed to have both 
in my garden, but I have never 
been able to distinguish one 
from the other with any cer- 
tainty. 

There are also some attrac- 
tive varieties produced by cross- 
ing a rather tender cle m a t is 
from the southern US, Cl em a ti s 
texensis, with garden varieties. 
All are late flowering, and most 
die down each winter, sprouting 
up strongly again in the spring 
just when one is b e g innin g to 
fear they have been lost. Most 
have flowers of rather unusual 
pitcher shape, usually in some 
shade of magenta, lighter and 
more silvery outside than with- 
in. 


jbwmMotrtur 

The one I grow at the 
moment is Duchess of Albany. 

It is very vigorous, but I bave 
lost Gravetye Beauty, slightly 
deeper in colour. X think all 
these varieties have inherited 
a little tenderness from their 
American ancestor, and need 
an especially warm and sunny 
place. 

In addition to these and many 
more garden-raised varieties 
there are some genuinely wild 
clematis that flower late and 
are well worth planting in gar- 
dens. The best known, and a 
great favourite, is Clematis 
tangutica, with small buttercup 
yellow flowers followed by 
highly decorative seed heads 
covered in long silken filament. 
At this stage it looks like a 
very refined version of Travel- 
ler’s Joy or Old Man’s Beard, 
which covers hedgerows in 
Britain wherever the soil is 
strongly alkaline. It is fre- 
quently said that the best form 
of this clematis is the one with 
the awkward name obtusiuscula. 
This may be true, but again I 
suspect that there is not much 
to choose, and that what most i 
nurserymen sell are seedlings 
— which may vary a little, but 
not so much as to cause any 
anxiety, since all are beautifoL 

Clematis flainiwiila is a very 
different plant, making each 
year an abundance of slender 
10 foot stems smothered with 
very gmaii white almond- 
scented flowers in September 
and October. You might think 
that such a lovely, easily grown 
plant would be in every nurs- 
ery, but you would be wrong. 
This is one to be obtained from 
a clematis specialist such as 
Treasures of Tenbury Wells, 
Shropshire; Fennels of Lincoln; 
or Fisk’s Clematis Nursery, 
near Saxmtinflha m , Suffolk. 

Arthur Hettyer 


CHURCHILL’S wartime scien- 
tific adviser Lord CherweU— 
known ss the Prof— and Pro- 
fessor Christopher Hawkes, the 
archaeologist, dreamed it up 
over dinner in Christ Church 
in 1850— "certainly with the 
fish, perhaps already with the 
soup" To convince Oxford 
University and raise funds took 
Hint. But the result was 
Oxford’s Research Laboratory 
for Archaeology and the History 
of Art. which opened in 1955 
under (now Professor) E. T. 
Wail, who bad been a DFhil 
student of the Profs. It was 
the first of its type in the 
world and a unique bridge 
across the then newly dis- 
covered gap of the “two cul- 
tures," science and the humani- 
ties. , 

It was the pioneer m apply- 
ing science to archaeology and 
art history, and the Profs be- 
loved child has kept its 
eminence in the eyes of 
specialists- and laymen. Many 
new methods have been dis- 
covered and refined in the two 
terrace houses in Keble Road. 

Thermolominescence, for 
oramp ip, illustrates the labora- 
tory’s inventiveness. It is in 
fact a solid state physics tech- 
nique for dating ancient pot- 
tery, which the laboratory uses 
for authenticity tests on pots 
pnfl figures on behalf of dealers 
and galleries— and also for 
measuring the real amount of 
radiation that people received 
at wiTrahinm and Nagasaki. To 
get the best Price for a Tang 
figure, have an Oxford certm- 


Bridge across the 
cultural divide 



cate. The authenticity income 
(about £140 a test) supports re- 
search. 

Dating, prospecting and 
analy sin g have been the labora- 
tory’s themes; the results 
appear in its distinguished 
journal. Archaeometry, and at 
the international archaeometry 
meetings, which it began. 

Having had no science educa- 
tion, I have been led across the 
Two Cultures Bridge by 
archaeological science. It is ex- 
hilarating, and humbling. Each 
side has to explain its disci- 
pline and its problems so that 
the other side may see how to 
help. For example, how may a 
problem concerning the early 
pottery trade be re-expressed in 
terms of the relative propor- 
tions of trace elements in the 
days? By assessing the ele- 
ments you can “fingerprint” 


Oxford is 
using chemical 
“fingerprints’ to 
investigate the 
past, says 
Gerald 
Cadogan 


the clays, and so the pots, and 
aiwrig n them places of manu- 
facture and distribution. 

One dating method, for in- 
stance, puts pottery samples 
Into a cavity within a cryogenic 
magnetometer containing liquid 
hpijnm at — 269 D C (“Do not 
touch ”) to test their magnetic 
intensity. Clay retains a weak 
remanence of the magnetic 
intensity of the time it was 
fired. Once a profile has been 
made of its intensity over the 
centuries, it can be used to date 
new finds— in general terms— 
and so i*an be another way of 
checking authenticity. 

The proton magnetometer is 
another Oxford innovation for 
the archaeologists. Going 
strong after 80 years, it locates 
ditches, iron and hearths, and 
sometimes walls and tombs, 
which are Invisible under the 
ground. Closely spaced readings 
give a plan of magnetic anoma- 
lies which may then be tested 
by di g gin g - It is an Ideal tool 
for smooth turf mid stone-free 
soil in Britain. 

When the objects have been 
found, the next question is: 
where do they come from ? And 
how were they made? Here 
there is much the eye cannot 
see. fingerprinting the chemical 
composition of pottery and glass 
— even obsidian, the natural 
volcanic glass — is done m 
Oxford by a spectrometer using 
a nuclear technique (atomic 
absorption). The method needs 
a small sample drilled from the 
core of the object 

X-ray fluorescence (XRF) also 
detects composition. It is 
slightly less fine than atomic 
absorption, but as it pinpoints 
a spot with X-rays, it does not 
cause damage to the object — 


fuer TriitoiisM 7 
THeRMouiMlwesceNce 


y* 


/Hv 


Kp qgg nm directors prefer ERF. 
Combined with a scanning elec- 
tron microscope, it will analyse 
the different pigments and 
layers of a painting, or the diffe- 
rent enamels In a Cloisonne 
vase. 

We reach fascinating and 
basic questions. How did the 
Sienese painters know their 
colours? How did an. ancient 
glazier switch from iron to 



manganese far black faience? 
Or the Swiss make tree glass 
in the 1100 BC to 900 BG cen- 
turies? The scientists can now 
reveal glimpses of what was 
happening, in technology, trade 
and wealth; and they show that 
early people were far better 
crafts men than we used to 
think. 

Oxford’s AMS carbon dating 
riiows that they were also better 


farmers, earlier.. Dating the 
first agriculture in the Near 
East, or the first domestication 
of animals, or the first men In 
America, are *23 AMS pro- 
grammes. But AMS is equally 
a national resource that dates 
the contents and tissue of 
Iindow Man’s stomach, for 
example, or the leather used 
to ire-bind the Domesday Book. 

It is not useful after 1500 BC, 
Which means that the laboratory 
is not besieged by people with 
questionable Stradivari, but it 
ran help with Chinese elites, 
and is the only way to date 
very small samples. 

It has dated a Belgian flint 
arrowhead from the resin still 
adhering; and a birch bark cup 
from Germany — -a rare find— as 
9,000 years old, AMS needs only 
a tiny scrap. A date costs £800, 
and 57 countries bave sent 
samples. Oxford's goal is 1,000 
samples a year. 

Another efficient, accurate 
service at Oxford is TL dating. 
TL works on the principle that, 
as a -mineral such as quartz is 
heated, it emits light The light 
represents the release of 
energy, stored at trapped elec- 
trons in -minerals- That energy 
was acquired by absorbing 
nuclear radiation. Measuring 
the TL will allow absolute dates, 
with a margin of error of only 
about 10. per cent 
TL does wonders for very 
early man, where carbon dating 
runs out - It has dated Middle 
Palaeolithic burnt from 
France to 80,000 years ago, and 


Upper (later) Palaeolithic from 
Morocco to 27,000 rears ago. 
And . the method . has- been 
reversed to Hiroshima and 
Nagasaki, where the date of 
1945 js blown, out the real 
amount of radiation was not. 

Financed by the US Depart- 
ment of Energy, tin laboratory 
measured the TL in the quartz 
of bricks and tiles a kilometre 
from the epicentres. -That 
showed how much radiation 
had been absorbed — more than 
was first thought. Since the 
cancer incidence is also known, 
fHifi gives an empirical relation- 
ship of exposure to disease. It 
could not be more important 
for working out the risks to 
nuclear power station workers. 

Oxford’s TL authenticity 
testing has - worldwide esteem; 
15,000 pieces have been tested, 
40 per cent of them Chinese. 
Overall, 40 per cent have 
turned out to be fakes (because 
they do not have the right TL 
for their age). The US and 
Paris are the best customers; 
reliable results represent 
profit 

But one must know exactly 
what piece is bei ng s ampled. 
Long ago . the laboratory de- 
cided to see every piece and 
do its own drilling (in an 
inconspicuous place). Before 
that, one shard could be sent 
in, tested and found genuine. 
Then it might grow into a pot! 

The laboratory is funded 
roughly from the Unlver- 
slty, and half from SERC grants 
and authenticity testing. Pro- 
fessor Hall and his deputy, 
Professor Martin Aitken, both 




retire in a few years’ time. 
What then for the Laboratory? 
They wonder how their betwixt- 
and-between status will change. 
They are listed under Archae- 
ology in the professorial roll 
and not under Physical 
Sciences. 

As I left the laboratory, a 
flpaTt»r called from Paris about 
a Chinese terracotta female 
figurine. He was told: "The 
lady is good." 








: ea V . 



fc: '0 W? 

. - c4 w- 


:c?d v, 

? >v> Ik' 




u^b-i 

k»*S^ 


i >££* 

ftSti 

ffSS 

^r.. , ^ »■ '. 

; 5 *< : 


=e --* or ; «%: 

40 V-t^. 
C’j; ». .Sw!' 

*«■&$ 
tt €’^ 


* *•“ H»i t . 

: *=e irtV 
**]*?,• 

i :?r S k ^‘ 
** 


^ A* 


:c-A BrJ V: 

c-5 aa-JV^; 

, 3 V, VU ^ 

V, : r:*? s. 


.iSr fr: *s> 

v.*** l£ 


If," ■ «!£ 






••• - -Tvf tv 

■?r r-p ... - 


- -asas 

"i-rr z:» Uc; 


■-’ * ^:c. 

i '_-.? ^rr'=n*» 


:■■: si life 

■j:.?J :“2?2 
i'Se Tirr:c:; 
H" red 


FitiancialTim 5 1987 


WEEKEND FT XV 


DIVERS IONS 


Eccentric, eclectic and electric 


l 'i 
f % it?** 

W£$ 

* •* i - >“ 




*1 




1 2^| ||j 


Left: A typical Eccotrics 
textile design — balls and 
bears — has been toned in- 
to luxuriously soft silk boxer 
shorts (about £25). Avail- 
able, too, in cotton and lots 
of different prints and 
colours. Other stockists : 
Hatreds at Knightsbri-sge and 
Janet Fitch, 2 Percy Street, 
London Wl. The silk tie 
(£22) in dark brown and 
white (many more colours are 
available) features some of 
the c l a ss ic al motifs beloved 
by designer Helen Liftman. 
Also from Harrods. Liberty of 
Be gent Street. Janet Fitch 
and Pan] Smith. 43/44 Floral 
Street, London WC2. 


WR 










£?? *d* 




im 


mt 


ah id 




% mr zxz 



js r -rm 


if i» i.'&rxjr 


Drawing*: Margmrwt Kfdy 


ENGLISH ECCENTRICS, a 
label that a small group of 
people have been following: over 
since it first started selling its 
memorable fabrics in west 
London’s Kensington Market In 
1982, is about to make itself 
accessible to a ™««h wider 
market. 


possible for shapes)— English 
Eccentrics took Its name &om 
Edith SitwelL (It could hardly 
be more fitting: intensely Eng- 
lish, Intensely Idiosyncratic, 
memorable, English Eccentrics 
is incapable of producing any , 
thing tasteless, banal or run-of- 
the-milL) 


RIGHT : Pure silk shirt hi the 
famous Halley's Comet print, 
£120. Can be worn by either 
sex. I like it best in soft 
beige, grey and cream but it 
comes also in other colour- 
ways. Pure silk skirt, small 
or medium, in the some de- 
sign and eotonrways as the 
shirt, £120. En g l i sh Eccen- 
trics shop only. 








On September 5 it opens its 
own shop St 155 F ulham Road. 
London, SWS. There, faithful 
devotees of the En glish Eccen- 
tric style will be able to buy 
more than just a length of fab- 
ric or a scarf featuring Halley’s 
Comet Silk boxer shorts, 
sensuously soft evening scarves, 
ties. Bldrts, shirts, raincoats, 
shoes, scent wrapping paper — 
anything. In fact that takes the 
fancy of the English Eccentrics 
team. None of them would 
ever make or sen anything that 
they didn't want to wear. own. 
or lodk at ' 


It started as a textile com- 
pany, with Helen Liftman pro- 
ducing her innovative fabrics in 
electric patterns and colours, 
often using themes drawn from 
a mythical, allegorical past 
sometimes with mystical, super- 
natural overtones. It turned to 
making clothes when it saw 
how tentatively and conserva- 
tively Helen Liftman's fabrics 
were being used by others. 


Lucia 
vander 
^ Rost 


U is this highly personal, 
idiosyncratic . approach to 
design that gives English 
Eccentrics its strong sense of 
identity. Formed from a trio of 
like-minded . designers— Helen 
Liftman (textile designer), her 
sister Judy (in charge of knit- 
wear) and Claire Angel (res* 


Today, English Eccentrics 
oversees everything from the 
gist design of the fabrics to the 
finished product. The result is 
as - strong and - dear an 
aathetic entity as I’ve seen 
anywhere. . 


It uses only the finest 
fabrics (usually silks or cot- 
tons, but some linens as well), 
and Its attention to detail 
is painstaking. Anybody won- 
dering what on earth aO this 
Is about should huzzy along to 


the shop. It is a superb source 
of presents for men; the range 
of pyjamas, shirts, boxer shorts, 
ties, handkerchiefs and scarves, 
manages to be at once original 
yet not alarming; looking new, 
and yet retaining vestiges of 
classicism. I think they wiU be 
a wow. 



Hie trio behind English Eccentrics — left to right: Judy littman, Claire Angel 

anil Helen I Jttnnan 


For women, look out for fee 
soft silk skirts and shirts, the 
huge silk scarves in magical 


prints and soft Odoms, tor 
soaps and wrapping papers and 
fabrics by the yard. 

Design enthusiasts will be 
interested in the shop’s 
interior. M Imagine a blade and 
chrome shop on an ocean liner 
which sinks, and then, years 
later, is washed upon the 


shore, ” is Helen Liftman's 
description of fee effect Oliver 
Lockell has achieved. 

Those who can’t make it to 
the London shop might like to 
know that English Eccentric 
clothes are also sold through 
Cruise, 89 Renfield Street, 
Glasgow, Scotland; Pierrot, 2 


The Square, Richmond, 
London; Shrimp, 6 Baker 
Street, Weybridge, Surrey; 
Trapeze, 50 Regent Street, 
rhoUonham ; Lisa Sterling, 21 
Bridge Street, Chester; and 
Willy’s, 15 Lower North Street; 
Under the Iron Bridge, Exeter, 
Devon. 


“I LIKE A wee omelette, some 
Chanterelles aniLa glass of wine 
for ma* lunch,” said Alec, fee 
ghiffi e. Perhaps times are 
changing, after ail. You 
wouldn’t have heard that 10 
years ago. 

It has been a very good year 
for chanterelles in Scotland, 
apparently, and for cepes, too. 
According to reports, fee Mil- 
sides have echoed to the trium- 
phant cries in French, Italian 
and Walloon, as .-visiting 
foreigners have gathered in fee 
harvest Indeed, my most pro- 
ductive moments of feree-fish- 
less days on fee Spey were 
spent scrambling about, filling 
my hat with the butter-yellow, 
waxy fungus, to be fried in 
butter and served as a first 
course at lunch. 

It’s a pity that there was no 
fresh salmon to: complement 
them, but we finished off with 
a happy pudding of the most 
delicate and delicious wild 
raspberries picked on fee river 
bank. Personally, I can take 
quite a lot of this life in the 
wild. 

Of course, it might suggest 
to some unkind souls that we 
didn't catch any fish because 
we spent too much time hog- 
ging it and coping wife the 
after-effects. 

It is true that, had yon wan- 
dered up the Tidchan B beat 
this August you might have 
been struck by the numbers of 
waders p roject i ng * from be- 
neath the bushes and out of 
fee long grass, and yon might 
have come to fee conclusion 
that what yon took originally 
to he fee murmur of in- 
numerable bees was, in fact, 
fee muffled snores of the happy 
angler. 

But when yon have been as ' 
comprehensively humiliated as 


Food for Thought 


The replete angler’s fare 


will be a heavenly charcoal 
black on the outside while raw 
and bloody within, the kidneys 
will he reduced to sttpertoalls 


and fee chicken’s thigh— I think 
the chicken thigh fell through 
fee chicken wire. 



was placed before him in dis- 
may, and wondered if someone 
was playing an elaborate prac- 
tical joke on him. 

HJs point, if I may para*, 
phrase it, . is that if you are 
going to stand chest deep in 
the turbulent waters of the 
Spey, pounding out fee Stoat’s 
Tail 20 or more yards with fee 
old 15-footer, you need more 
than a sliver of spam, a few 
lettuce leaves and a Twix bar 
to do it oo. You need— well, 
what do you need? 



So you might not be into car- 
bon, blood and rubber. The sen- 
sible fisherman wQl have 
covered hinwi-r by bringing a 
pie, a large pie. You can’t go 
wrong wife pie, can you? Good, 
solid fare, pie. As long as 
there’s enough to go round, 
that is. Solomon couldn’t come 
up with a satisfactory solution 
to fee great last-piece-of-pi e 
problem. But at least we've laid 
the foundations, for here is fee 
nub of fee problem. 


I would contend that fee first 
thing you need is a drink. A 
couple of bottles thoughtfully 
popped into the river before 
kick-off or a few tins of beer 
treated likewise, can do won- 
ders for the shattered morale. 


we were, and there were far 
finer fishermen than I about, 
bysalmd salar and salmo trutta, 
then recourse to a plate of 
chanterelles, a bottle of Sauvig- 
non de Touraine and the arms 
of Morpheus is about all that's 
left to you* - 

There are those sportsmen' 
who' rely on the packed lunch 
that the hotel/spouse/friend 
has dutifully made up for them; 
ham sandwiches made from old 
hum wife the texture of damp 
chipboard; beef sandwiches 
whose resemblance to carpet 


underlay only a fiery dose of 
mustard makes tolerable; hard 
boiled eggs — ye gods— feat dog 
up fee mouth and repeat on 
you as regularly as the Green- 
wich Time Signal, and a lump 
of gravel ana grit that passes 
under fee general description 
of “cake.” Oh, and an apple 
that like as not will be a Golden 
Delirious. Did ever reality so 
beUe fee name? 

Sadly, I report that our 
packed lunches did not even 
reach this meagre standard. One 
of my companions, a side of 
beef a day man, peered at what 


Then, failing the chanterelles 
stewed in butter in the sensibly 
provided frying pan over a 
small fire, turn your attention 
to the morning's catch. “The 
morning's catch,” he says 
lightly. “Ah, fools, I, too, have 
had my hour.” Two brace of 
wild brown trout before mid- 
day and nothing under 14 
ounces. 


sweet and toothsome a trout 
can be will have to catch it and 
cook it there and then, frying 
or baking it beside whichever 
river, burn, loch or lough you 
choose. Such practice is pro- 
bably frowned on along the 
manicured reaches of the Test 
and Rennet, so get thee to the 
wilder shores of fee North and 
West 


What outdoor sportsmen 
need above all is bulk, some- 
thing that will sustain him or 
her through fee long watches 
of the post-eating period before 
fee next meal. (The same is 
true of breakfast, Incidentally.) 
At a pinch, half a cold chicken 
might do instead of fee pie, 
but forget about anything less. 
A tomato or three is all the 
vegetable garnish you need. 


It is a sad fact that the 
trout eaten within two hours of 
being caught is a different 
mouthful from that which is 
eaten even four bourn, let alone 
24 hours, later. Those of you 
who want to find out just how 


Failing chanterelles and fish 
which has been known, we are 
forced to desperate straits. 
However, the true gourmet fish- 
erman will not be dismayed. He 
will cheer his despondent com- 
panions by extracting from his 
bag half-a-dozen or bo lamb 
chops, a kidney or two, and a 
chicken's thigh for the delicate 
one of the party. A carefully 
constructed fire, a bit of 
chicken wire and, hey presto, 
the rustic barbecue. 

In a trice, the land) chops 


Then, while your digestive 
system is reeling from fee pie, 
batter it into submission wife a 
doorstep of fruit cake, not fee 
grit and gravel commercial 
variety, but the rich-and-fruity, 
he avi er-than-a-doorstep variety, 
baked by caring spouses. 
Finally, I recommend a good 
sized lump of fudge from the 
Toffee Shop in Penrith and a 
slug of malt Scotch In place of 
the coffee and petit four. 


Now, where's Moby Dick? 


Peter Fort 


TELL MOST people -feat fee 
pressure has got too much for 


you and you’re going off to a 
retreat and they will . look at 


retreat and they will . look at 
you in surprise. Retreats are 
generally thought to be . silent 
monastic cells. Indeed, some 
are- 


Time to sound the retreat 


Others, however, have been 
quietly changing their image, 
which may explain why the 
National Retreat Centre has 
been getting an increasing 
number of inquiries. Although 
essentially for spiritual reflec- 
tion, many now also offer paint- 
ing, poetry weeks, yoga work- 
shops, arts and crafts. 

But the main thing they offer 
timed commuters and over- 


Interiors Iff 


'LUXURY 
LIVING ’ 


International 
Interior Designer 

to fee 4 BeantiM People* 


Everything from total 

reftobyament to fee 


gwwTteaf: room 


STUDIO ONE: 
01-794 1718 


STUDIO TWO: 
01-4812902 


worked executives is peace. 
Their advertisements in Vision, 
fee ' journal of retreats, have 
quite a range. One in Windsor 
offers a drop-in-day (where you 
can 11 walk into quietness, relax' 
and contemplate in the silence, 
or read, draw, write and pray, 
and be at peace ”). 

One in Helston Cornwall, has 
a “17th-century stately home 
with its own private chapel, 
situated in extensive beautiful 
grounds near the Helford 
river.” A Somerset retreat offers 
a week devoted to “Shake- 
speare’s Christian values," 
while one in south Yorkshire 
has “a small chapel, pleasant 
garden, wife separate room for 
painting , crafts, relaxation, acti- 
vities and working.” 

Whether yon go for a Quiet 
Evening a Quiet Day, a week- 
end, or a week is up to you; so 
is your choice of an Anglican, 
Catholic or Methodist Retreat 
There are now over 200 retreat 
houses and centres in Britain. 

I wanted somewhere not too 
large, within a couple of hours’ 
drive from London. The 
National Retreat Centre sug- 
gested the Priory of Our Lady 
of Good Counsel, at Sayers 
Common in West Sussex. 

Turning off the busy Brighton 
Road to fee green countryside 
around the Priory was canning 
in itself. The priory community, 
although a 14th century order. 



only moved to the newly-built 
monastry and pastoral centre 
some ten years ago. But the 
strikingly modem buildings, of 
gTaas, wood and bricks, includ- 
ing a church in the shape of 
an oast house, blend into the 
setting curiously welL 


For one used to checking in 
at busy hotel reception desks, 
it is almost disconcerting to be 
greeted on arrival by a single 
smiling nun in white garments 
and blade veil. She took me to 
a comfortable, cell- 

shaped bedroom, which looked 
out on to an un en di ng view of 
the Sussex downs. The thick 
wooden door closed noiselessly 


behind her; there was no lock 
or key in it, no sound to be 
heard anywhere. 

The times of meals and 
Church services (voluntary 
attendance) were on a table. 
I went out into the original 
old house, round which the 
centre was built. The waiting 
nun asked if I would Like mid- 
morning tea or coffee, and 
showed me a small kitchen 
where I could make it. “ Would 
yon have fee ki n d nes s to wash 
your cup,” said fee sign on fee 
wall. 

I was asked if I would like 
to see tiie library which I half 
anticipated would be full of 


monastic tracts. I was wrong. 
The books ranged from Alice 
In Wonderland to Dick Francis 
and 2 settled there happily. 

Lunch in fee high-ce Hinged 
dining room, cooked by the 
nuns, was served by two young 
German women who do so in 
exchange for English lessons 
from the budget-minded nuns. 
It was mid-week and whereas 
fee weekends are often booked 
up with groups, there were 
then only three other people 
staying at the retreat. 

One young man, a graphic 
designer, had come for a week 
to get over a spell in hospital, 
to get his thoughts on work 
hack together again. There was 
a woman deacon, who came 
there for ten days every year. 
And there was a businessman, 
who lived and worked in Sur- 
rey, who had just come down 
for the day. 

“ I come here about four times 
a year,” he said. “ I get to the 
point when a day here is fee 
only thing that saves my sanity. 
Z find fee atmosphere incred- 
ibly tranquil. I get here about 
9 am and can hardly wait to 
turn in fee gate.” He had spent 
most of fee morning walking: 
fee Priory is set in the midst 
of farming land. 

After lunch three of us drove 
up, inappropriately perhaps, to 
Devil’s Dyke, high up on fee 


downs. Returning, we decided 
to go to the Priory church. 
“ I'm not particularly religious,” 
said the businessman, “ but 
somehow it ends my day: it’s 
uplifting, the brin g in g of the 
nuns and the amazing shafts 
of light through fee slats.” 

The graphic designer said 
that the first retreat he had 
been to fee previous year had 
been a much larger one; there 
was sometimes country dancing 
in the evenings, and he had 
been taken aback to be asked 
to dance by a nun. 

Evenings at fee Priory are 
quietly spent in the TV room, 
the sitting room, or your own 
room. You could, of course, go 
out, but there is no point in 
going to a retreat if you treat 
It as an hotel. It’s for solace of 
fee spirit, not social outings. 

Having gone there is my 
usual exhausted state, I came 
back to London considerably 
rested, intent on making a 
return visit To keep me going 
meanwhile, I bought a stock of 
fee nuns’ lemon balm tea, “ For 
nerves, nightmares, fevers, and 
aiming the mind.” 


• The National Retreat Centre 
is at 24 South Audley Street, 
London W1Y SDL, 01^93 3534. 
The Priory of Our Lady of 
Good Counsel is at Sayers 
Common, Eauoeks, West Sussex 
BN6 9HT. Hurstpierpoint 
832901. DaOy cost, full board, 
at the Prion, £12 plus VAT. A 
stay of at least two or three 
days is preferred. 


Joy Melville 




Lady Florence Hardinge 


So few 


wooed 


by so 


many 


I DON’T know how many high- 
flying women there are who go 
short of time in which to spend 
their “telephone - number” 
salaries, but never before have 
so few been wooed by so many. 
They are the Number One tar- 
get for a wide variety of up- 
market shops and fashion con- 
sultants who see them as a for- 
lorn band, over-paid but under- 
dressed — able to read bottom 
lines and discuss reverse take- 
overs but unable, poor dears, to 
choose a decent skirt 

From Wardrobe’s Snzy Faux, 
to Harrods* newly-appointed 
wardrobe adviser, from Options 
at Austin Reed to Caroline 
Charles own shop in Beauchamp 
Place, boors and services are 
being tailored to take account 
of busy women’s needs. 

Newest help of all, though, is 
fee computer. (I cant help 
asking: what took it so long?) 
It took an ex-City high-flyer, 
accustomed herself to bottom 
lines and scrip issues, to see 
where fee future lay. 

Florence Hardinge Is a chic 
charming Frenchwoman who 
worked in the Royal Bank of 
Canada and married Lord 
Hardinge, then chairman of 
Orion Bank. She knows all 
about fee pressures and prob- 
lems of busy working lives. 
She found, when she worked at 
fee bank, feat she had great 
difficulty in getting her ward- 
robe togefeer, and she noticed 
feat most of fee women around 
her weren't dressed as well as 
she felt they could be. 

It wasn't until she found her- 
self widowed, and without a 
City job (she left to be with 
her husband when he became 
HI) feat fee idea of a computer- 
based fashion consu l tancy 
occurred to her. 

The idea behind fee con- 
sultancy is that, with an annual 
charge of £125 a year, she 
offers a preliminary personal 
advisory session at which She 
gets to know fee client a ilttie 
and takes down details of 
measurements, life-style, dress- 
style and what kind of help 
might be welcome. After that 
fee customer can ring up at any 
time and say: I need a little 
black dress, or a new winter 
coat; and knowing her measure- 
ments, preferred style of dress- 
ing, and personal good and bad 
points, fee computer wiU throw 
up suitable little black dresses 
or new winter coats. It will give 
fee price and check on its 
availability- 

In the course of my test-case 
consultation we tracked down a 
little black dress suitable for 
women of 5 ft 2 in who aren’t 
as thin as they would like to 
be. The answers came from 



Tracked down by Lady Hard- 
inge’s computer— 4 sleek city 
suit for winter by Jean and 

Martin Pa II ant. 


Caroline Charles in Beauchamp 
Place, Roland Klein in Brook 
Street, Jean and Martin Paiiant 
in Thames Ditton, and Arabella 
Pollen on the Avonmore Trad- 
ing Eastate. 

For those who really are 
shorter on time than money. 
Lady Hardinge offers many an- 
cillary services. She will come 
to fee office, organise deliveries 
of clothes, arrange viewings of 
Paris couture collections on a 
video, and deal with subsequent 
orders and fittings. All these 
services are extra, but up to 
six consultations a year are in- 
cluded in the basic £125 a year 
charge. 

If you are short of time, have 
a four-figure sum to spend on 
your clothes, and would like 
help and advice, then I can 
hardly think at a more sympa- 
thetic person to go to than 
Florence Hardinge. Contact her 
at 5 Somerset Square, Addison 
Road, London W14 (Tel: 01-602 
8623). 

For those who have designer 
tastes, but aren’t earning " tele- 
phone number** salaries, Lon- 
don Clothesline may be more 
their line. This, too, is compu- 
ters ased and for a yearly sub- 
scription of £35 a year you are 
sent, eight or 10 times a year, 
a computer print-out of what 
designer label clothes are avail- 
able where— at less-than-retail 
price. 

Into fee computer go all the 
details of where cut-price 
designer clothes can be bought, 
whether showroom samples, 
end-of-Unes, or simply excess 
production. 

In addition, if you have fallen 
In love wife, say, a Jean Muir, 
and simply can’t afford fee full 
retail price, then for a search 
fee of £12 a time fee London 
Clothesline will do a special 
search for you 

Normally fee dofees on fee 
print-out are available at prices 
which work out about 50 per 
cent cheaper than usual retail 
prices. So, if you're lucky, you 
ought to be able to recoup the 
annual subscription with your 
first lucky buy. 

If you think this could be the 
answer to your fashion needs, 
contact The London Clothesline 
at PO Box 93, London SE23 
3XS (Tel 01-291 4378). 

L v.d. P 


The Perpetual 
Calendar. 



MeiaisMgnet 


La plus pratigituse dts signatures. 


1 AVAILABLE AT; I 

I ASPREY, GARRARD. LON DON WLTON. I 

k the WA «^M® S s^^ N d. J 

@\ fs> 








Nicholas Woodsworth on Henri Matisse, who influenced art from hotel suites 


HIGH OVER a sea too blue to 
be English, in a sunny land 
that was never part of 
Empire, stands a palace built 
for that most imperial 
monarchs, Victoria. British, 
royal crowns embellish its 
woodwork and plaster; serried 
ranks of palm trees stand 
guard at its entranceway; a 
marble staircase wide enough 
for a dreadnought rises from 
its huge central halL 

But Victoria never ruled 
from here. Instead _ a rotund 
little man with a white beard, 
unable to walk, reigned from 
his bed. 

Never was court so unroyaL 
The Invalid's only courtiers 
were the masks, vases, statues, 
paintings, gourds and jugs he 
carefully arranged around him. 
His sceptre was a 'six-foot-long 
bamboo- pole with which he 
drew on the walls surrounding 
his bed. He exercised power 
only cm iamges painstakingly 
created from oils and bits of 
coloured paper. Henri Matisse’s 
rule extended from the palace 
throughout 20th century art. 

Matisse took up residence in 
the Hotel Regina in Nice in 
1938. Built at the turn of the 
century when, for her health, it 
was feared that Queen Victoria 
would have to spend entire 
winters on the Cote d'Azur, the 
palace subsequently became one 
of the most lavish hotels along 
the French Mediterranean 
coast The Regina, for decades, 
was a temporary home for a 
large number of upper-class 
Europeans spending the winter 
41 season " here. Genteel strolls 
along the Promenade des 
Anglais, receptions in magnifi- 
cent suites, and evenings spent 
in ballrooms and casinos were 
their daily routine. 

For Matisse, though, the 
Regina became a permanent 
home. No suite was more mag- 
nificent than his. Cooing pigeons 
flew freely from one enormous 
room to another. In one large 
chamber, thick tropical vegeta- 
tion reached towards the 
ceiling, watered automatically 
by an ingenious sprinkling 
system. In another, cages con- 
taining over 300 birds imported 


BUSINESS ART has come a 
long way from anodyne board- 
room portraits and limited 
edition prints in clip-on 
frames. When the Barbican 
Art Gallery presented “Capital 
Painting " in 1984, the collec- 
tions belonging to City insti- 
tutions came as a revelation to 
most visitors— not least the 
extent to which contemporary 
art was being commissioned 
and collected. 

Over the past decade, more 
and more businesses have 
become aware of the promo- 
tional value of art, and its role 
in the creation of an appro- 
priate business image. . After 
all, before the sale of Van 
Gogh’s Sunflowers, who had 
heard of the Yasuda Fire and 
Insurance Company? 

On Thursday, a three-day 
contemporary art fair. Art *87, 
opens at the Business Design 
Centre in Islington, north 
London, the first such art fair 
aimed specifically at the 
business community. Its 
organiser, PEL Communica- 
tions, has no experience in the 
art world. Its approach has 
been to target the market 
carefully, identifying 20,000 
potential clients from 2,000 
corporations, city Institutions, 
the service industries, and 
architectural and design prac- 
tices. Named invitations were 
sent out. Six hundred con- 
temporary galleries were 
approached. 

They offered exhibitors an 
excellent venue, space, high 
quality screens and lighting, 
and a catalogue that will 
serve as a reference book. Its 
introductory essays cover the 
rationale behind corporate art, 
the work of the Public Art 
Development Trust, and recent 
examples of developers’ art, 
such as the jazzy Hammersmith 
Man leaning out of Queen 
Caroline House to wave at 


Rooms with views 





m m 

*4 f. IM fc 4.4 kh. Yijk k t\ * \ i 
*' ’ *:#■» - - - 





Left: The Hotel Regina in Nice, where Matisse lived. Right: Detail from his 
1926 work, “Decorative Figure on Ornamental Background” 


IT WAS an odd sequence of 
events that brought the finest 
collection of Indian artefacts in 
Britain outside London, to 
Powis Castle in Welshpool on 
the Welsh Borders. It involved, 
on the one hand, political 
patronage for an ambitious 
multi-millionaire and, on the 
otber, the settling of debts for 
an old aristocratic family. 
Robert Clive (Clive of India) 
was the rich man, the Earl of 
Powis the impoverished aristo- 
crat. In the next generation, 
Edward Clive (Robert’s son) 
married Henrietta Herbert, the 
Earl's daughter, so that, neatly 
enough, the families ended up 
united by marriage rather than 
by indebtedness. 

The treasures that make up 
the Clive Collection were 
amassed by both father and son, 
as well as by Edward's discern- 
ing and cultured wife who 
appears to have revelled In the 
culture of the country in which 
she found herself. The tale of 
Lady Clive and her daughters' 
journey to Seringapatam to see 
the relics of Tipu Sultan's 
capital, thanks to her husband 
now firmly in British hands, 
is of a royal progress. There 
were 750 people in the 
entourage and the harp and the 
pianoforte went too. in order 
that the young ladies could 
practice their music on the 
1,000-mile trek through 
southern India. Her husband 
remained in Madras, where he 
was governor. 

The display at Fowls takes 
the form of cabinets of 
curiosities which is perfectly 
suited to the nature of the Clive 
Collection, mostly small objects 
of great intricacy. By filling the 


from Asia and Africa crowded 
the walls. In the “ chambre 
claire " there was nothing — it 
was kept empty but filled every 
day with pure, dean, Mediter- 
ranean light. In sensual splen- 
dour fit for an Eastern poten- 
tate, Matisse from his bed or 
wheelchair surveyed the view 
of Nice and the sea beyond it, 
talked to his birds, and tended 
his plants. More important, he 
painted. 

Matisse’s unique decorative 
style sprang from years spent 
in the opulent atmosphere of 
Nice's grand old hotels. He had 
come first to the south of 
France as a young man, at the 
turn of the century. A north- 
erner from grey, rainy Picardy, 
he was bewitched by Mediter- 
ranean light. In the fishing 
ports of Collioure and St 
Tropez he began upon what he 
later called his “rediscovery 
of expression in colour.” His 
exuberant style of free brush- 
work and Imaginative use of 
bright, complementary colours, 
so shocked the critics that they 
christened the followers of the 


new style “ fauves ” — wild 

beasts. 

Fauvism — the first avant 
garde art movement of the 20th 
century — was only a first step 
for Matisse in developing the 
style for which he became well 
known. Retaining throughout 
his life a fascination fovr colour 
and light, he disciplined his bril- 
liant palette, and by the First 
World War had largely aban- 
doned landscapes in favour of 
secluded interiors. “ What I 
dream of,” he wrote, “ is an art 
of balance, of purity and 
serenity, devoid of troubling or 
depressing subject matter, an 
art which could be. . . a sooth- 
ing, calming, influence on the 
mind.” It was Matisse’s genius 
that, using the hotels of Nice, 
he was able to transform what 
might have been anaesthetic 
art Into great art 

Moving from one place to 
another, living out of a suitcase, 
he discovered that the im- 
personality of rented accommo- 
dation provided the perfect 
setting for the making of his 
personal, placid, unreal world. 
Nice’s hotels also gave him an 


ideal environment in which to 
reconcile the two artistic 
imperatives that dominated 
him: the portrayal of intimate 
subjects — usually female nudes 
— and the creation of an art 
form that was abstract and 
decorative, 

Matisse posed his serene 
nudes in plush interiors. 
Luxurious fittings and fabrics 
provided an abstract complexity 
of colour, line and texture. Of 
the Hotel de la Mediterrande, a 
sea-front hotel (today under- 
going renovation), he wrote: 
“I stayed there for four years 
for the pleasure of painting 
nudes and figures In an old 
rococo salon. Do you remember 
the way the light came through 
the shutters? It came from 
below like footlights. Every- 
thing was fake, absurd, terrific, 
delicious.'' (So much was going 
on on the Promenade des 
Anglais outside that sometimes 
the only way he could keep his 
models still was to allow them 
to pose standing at the 
window.) 

Like Renoir, whom he 


Art for the executive 


bored commuters. 

“ Our job is to make it easier 
for those companies who have 
considered buying art but who 
do not have a relationship with 
a particular gallery ,” explained 
Lorraine Hall, of B EL - “Visitors 
will see a wide range of con- 
temporary work, from water- 
colours and oils to .silk hang- 
ings and sculpture. If we could 
not have offered such a wide 
variety, and had less than 30 
exhibitors, we would not have 
gone ahead. It would not have 
been in our interests, or the 
gatferiesY* 

Her overriding difficulty was 
not in persuading gallery 
owners that the fair was a good 
idea but persuading them to 
come off the fence. The cau- 
tious response of many leading 
dealers was to say that they 
would wait and see who took a 
stand this year and then decide 
about next year. 

With a modest 35 exhibitors, 
Art '87 is still larger than this 
year’s Bath Contemporary Art 
Fair, which had record attend- 
ances. The International Con- 
temporary Art Fair at Olympia 
is not taking place this year. 
Islington exhibitors range from 
well known West End names to 
new or provincial dealers, and 
even artists themselves. For 
the three galleries coming down 
from Scotland the fair provides 
a useful shop window. 

Diana Springall, who has 
made a number of decorative 
textile waUpaneis and hangings 
for corporate clients, feels that 
it provides an excellent oppor- 
tunity to advertise and meet 


** Dragonfly,” a sculpture 
by Tom Merrlfletd to be 
shown at ttie Art *87 fair 

clients. People can just come 
and look. 

Many of the galleries already 
have established business 
clients. The oldest specialists. 
Business Art Galleries, was set 
up -by the Royal Academy in 
1978 as e means of promoting 
contemporary British art to 
companies. Now independent 
from the RA, hut still with 
dose.- ties, and from new pre- 
mises in Windmill Street, the 
gallery offers advice .on com- 
missioning, regular exhibitions 


and a rental scheme with an 
option to purchase. 

“ Selling art to businesses has 
only recently acquired a 
respectability,” commented 
Kathryn Bell. “Art galleries 
in this country are beginning to 
come round to the idea of cor- 
porate clients.” The turning 
point in the business came in 
1982-83 when the gallery’s turn- 
over: doubled. Now it ha? 1,000 
business clients. ' 

The new art-speak reveals 
that British attitudes are catch- 
ing up with American practices. 
The era of “ corporate art ” and 
the “art consultant " is upon 
us. But while an American 
company would automatically 
appoint an art consultant along 
with a designer when building 
or refurbishing an office, there 
is no regular procedure in this 
country. About 80-90 per cent 
of the people Lorraine Hall 
contacted had no idea who was 
responsible for buying art 
within their company. The 
responsibility may rest with toe 
man who buys toe photocopying 
machines, or with the personnel 
manager or company lawyer, or 
is a decision made by the board 
of directors. Business clients 
often become private clients, 
and the fair is also catering for 
private collectors. 

Bernard Jacobson is the only 
dealer front Cork Street, the 
core of toe contemporary art 
trade, to take a stand at Art *87. 
" It*s a great shame that no 
other Cork Street galleries are 
represented,” admitted the 
gallery’s Timothy Taylor. “ The 
impact of the fair would be far 
greater, and toe quality would 


Clive’s curiosities 


admired and occasionally 
visited in his nearby home In 
Cagnes, Matisse was preoccu- 
pied with the female form. 
While Interested in portraying 
its substance — he admiringly 
compared the breasts of 
Antoinette, one of his favourite 
models, to “ two litre bottles of 
Chianti" — his real challenge 
was to capture through it “ the 
ideal and the particular ” in the 
personality of his modeL 

He wrote, in 1939: “The 
emotional interest aroused in 
me by them does not appear 
particularly in the representa- 
tion of their bodies, but often in 1 
the lines or special values dis- 
tributed over the whole canvas 
or paper, which form its com- 
plete orchestration, its archi- 
tecture. It is perhaps sub- 
liminated sensual pleasure, 
which may not yet be perceived 
by everyone.” Perceived or not, 
Matisse's work contains a 
degree of harmony and beauty 
that comes only from some sort 
of Inner transformation. 

A virtual invalid in 1941, 
after an abdominal operation. 
Matisse moved out of the Regina 
in 1943 when it was feared that 
the Allies would bomb Italian- 
occupied. Nice. In 1949, at toe 
age of 80 he moved back into 
its large high-ceilinged rooms 
for a final four-year stay, to 
design toe crowning achieve- 
ment of his life, the Dominican 
Chapel of the Rosary. 

Working from his bed, he 
designed everything— down to 
toe silver chasubles— to scale, 
using his six foot pencil to draw 
on toe walls around his bed. 
The Chapel was built, and may 
be visited, in the nearby hill 
town of Vence. 

Matisse and his menagerie 
have long gone from the Regina, 
now home to a few elderly 
ladies who took rooms there 
when It ceased to be a hotel 
The only tropical plants are a 
few tired-looking cacti in a 
dusty, glassed-in palm court 

The Regina will have a face- 
lift only when it is developed as 
a cooperatively owned apart- 
ment building. But its calm 
elegance may stiff be found in 
toe serene realm created on 
canvas by Henri Matisse. 


probably be better. We are 
going to look terribly expensive 
in contrast" 

Both he and William Jackson, 
of the long-established The Scot- 
tish Gallery, feel toe quality of 
toe galleries taking stands Is 
important This year there has 
been no independent vetting 
committee for Art *87. But to 
Nicholas Treadwell, another 
veteran of toe art fair circuit; 
it is a big plus for the fair that 
there is no vetting committee. 
“Dealers tend to look after 
their own interests He 
believes one reason why there 
was no art fair In London for 
many years was that Cork 
Street thought it was a fair of 
its own. “London needs a well- 
organised contemporary art fair, 
and art fairs need to be elec- 
tric.” 

He welcomes PEL as enthu- 
siastic newcomers, and has 
given the fair his full support 
“ I don’t have great faith In the 
first of any art fair — and few 
exhibitors will probably get 
their money back. But there is 
always a chance that it will lead 
to something really necessary 
and important Look at toe 
Paris contemporary art fair. I 
went along to toe first fair in 
1974 — it bad a seedy venue and 
a lot of little commercial 
galleries. Today it has more 
visitors than any otber art fair 
in the world. Last year 120,000 
people went including toe 
president of France.” 

Will Mrs Thatcher be attend- 
ing Art *88? 

Art W Is on at the Business 
Design Centre, Islington, Thurs- 
day, September 10, ID am -8 pm; 
Friday, September 11, 10 am- 
6 pm, and Saturday, September 
12, 10 am-4 pm. For a compli- 
mentary ticket telephone 01-9Q0 
1234. 

Susan Moore 


The house of blood 


cabinets with ivory games, 
scabbards and hookahs, textiles 
and paintings, the visitor is 
given a glittering view of the 
level of Indian craftsmanship, 
as well as a glimpse of toe great 
affluence of a figure such as 
Tipu Sultan. 

There are also, in the pages 


of an excellent catalogue, in- 
sights into the social habits of 
toe Indian nobility. Once toe 
pan set appeared (that is, the 
apparatus for preparing toe 
betel-nut digestif) toe signal 
had been made that the guests 
should consider their depar- 
ture. An interest in the arte- 


mpii# 

i|tr 


M i.'.; ; S; 

igiiliiiiii 


■■ i 44* ip Mi? - : 

Jpppi® im ¥*& m. m &; 







... 

•fcflilwrtj 



' i wmSmmrnf 

:taf! 


IlSlli 


facts of the country, then, could 
also help with etiquette. 

Although the majority of toe 
■ objects on show are Indian 
made, there is also a selection 
of European works of art in- 
cluding a Sevres set of cups and 
saucers, presented on a visit by 
Louis XVTs representative. 
Tipu Sultan remained in dose 
contact with the French, wish- 
ing as much as they to see the 
English out of India, and was 
made Citizen Tipu for his pains. 
When Edward Clive routed him 
at Seringapatam in 1799, how- 
ever, these connections were of 
little assistance. Even the 
jewelled flnial from Tipu's 
throne, in the form of a tiger's 
head, fell into toe hands of 
Clive. 

The cabinets In which toe 
dive treasures are displayed 
have been specially designed, 
carved end painted with the 
motifs of the Anglo-Indian (or 
Hindoo) style. They are taken 
from Daylesford and Sedncote, 
the two great English country 
houses in that style. Alec 
Cobbe’s designs give toe collec- 
tion a coherent form; you feel 
as if you are entering an Indian 
miniature. The detail is pains- 
taking and even toe glass in 
the cabinets is handmade. 

From toe moment the dives 
Inherited toe Powis estates, the 
Indian collection seems to have 
been on display. A visitor in 
1809 was taken aback by one 
exhibit — a model elephant in 
fall armour. The elephant is no 


more and the museum . was 
packed away late in the 19th 
century. It has been largely 
unseen until now. 

The Clive Collection is shown 
in just two rooms; one the 
cabinets of curiosities, the other 
a reconstruction of Tipu 
Sultan's painted chintz-covered 
state tent, with his carved san- 
dalwood throne. The Billiards 
Room, which has now become 
the museum, formerly housed 
a fine collection of stuffed 
birds, which are now to be 
found at toe end of a tour of 
the house. 

In the past Powis has been 
an undervisited house; its mag- 
nificent terraced gardens are 
not as widely known as they 
deserve to be, but now toe com- 
bination of attractions will en- 
sure that it draws a larger pub- 
lic. This new venture illustrates 
the potential of National Trust 
houses for specialist displays. 
The idea of showing paintings 
from the National Portrait Gal- 
lery of appropriate period at 
Montacute and Beningbrough 
has worked well and suggests 
avenues for future , develop- 
ment. This exhibition was 
largely financed by a single 
bequest and, of course, toe 
collection was already awaiting 
display, but if other joint ven- 
tures could be set up. it pre- 
sents exciting prospects. Per- 
haps some of the V&A’s unseen 
treasures might be toe next 
candidates. . • • 

•Powis Castle (tel: 0938 
4336) is open bum 12 to 
5 pm, Wednesdays to Sun- 
days, until the end of Octo- 
ber, when it doses until 
Easter. 

G illian Darley 


ALTHOUGH Hammer Hbn Pro- 
ductions was officially formed in 
1947, its origins go back to 1913. 
when a young Spaniard named 
Enrique Carreras, whose family 
had settled in London after 
vears of trading in tobacco, 
bought the first British maxi- 
mum audience capacity gfapTnn 
in Hammersmith, which he 
called “The Blue Hall,” setting 
sn motion a number of “ firsts " 
which were to continue 
throughout toe years to come. 

Carreras, aware of a War- 
weary public hungry for enter- 
tainment, seized the opportunity 
to build a chain of “Blue Hails” 
in London and Brighton. 

Meanwhile, somewhere on toe 
boards, again in Hammersmith, 
a little-known comic was trying 
out a double act William Hinds, 
working under toe stage-name 
of Will Hammer had teamed up 
with a partner, predictably 
called Smith. 

Although Carreras and Hinds 
had spent a great deal of their 
early working lives in Hammer- 
smith, it was not until the mid- . 
thirties that fate decreed they 
should meet, and, from what at 
first glance seems an unlik e ly 
liaison, a partnership was 
sealed. 

After % disastrous flirtation 
with a toothpaste venture, 
which left him bankrupt, 
Enrique Carreras _ formed 
Exclusive Films, a distribution 
company. When Hinds joined 
him in 1935, initially purely as 
an investor, the former was 
busy showing a collection erf 
American Westerns (very un- 
usual in those days for a 
British company) as well as a 
number of prestigious Alex- 
ander Korda re-issues. 

Although Hammer Film Pro- 
ductions was not officially 
registered as a company until 
after toe war, both men had 
already decided that they would 
commission their own produc- 
tions, as low-budget supporting 
features. Hinds subsequently 
contributed his stage-name, 
Hammer, to head these new 
ventures so that toe two divi- 
sions would not be confused, 
and therefore, technically, toe 
first Hammer film seen in 
Britain was In 1985 and called 
The Public Life of Henry Ninth* 
a 5 end-up of the historical 
Charles Laughton classic, and 
thought worthy enough to be 
distributed by Metro-Goldwyn- 
Mayer. 

The Mystery of the Marie 
Celeste followed in 1938 and in 
the same year toe most success- 
fid prewar Hammer production. 
Song of Freedom, starring Paul 
Robeson, with Will Hammer 
himself taking a small role. 

When toe companies re- 
formed, it really was a family 
affair, with Enrique's son 
James, a Lt-Col in the Army 
(and now Sir James Carreras), . 
William Hinds' . sn . Anthony, 
destined to become producer 
and writer of many future 
Hammer su c cesses, and later 
on, Michael, son of James. 

James Carreras had many of 
his father's qualities. A sales- 
man who learned early to give 
the public what it wanted, he 
tackled the task ahead in a 
Staple, yet effective way. 
Hammer needed second features 
so why waste time hunting 
around when a market existed 
which was already successfully 
established. 

During toe postwar period, 
toe British public were glued 
to their wireless sets, enjoying 
programmes like Dick Barton, 
Special Agent, P.C. 49, and Life 
unto toe Lyons, so that when 
Hammer decided to commit 
these characters to film, toe 
fireside audiences were able to 
indulge themselves visually in 
the adventures of their 
favourite heroes. 

James Carreras swears to this 
day that these second features 
brought toe people in. He 
remembers when Dick Barton 
was showing alongside Robin 
Hood, starring Errol Flynn, and 
a long queue formed outside 
The Tivoli in the Strand. “As 
they watched toe main feature, 
the audience was quiet and 
appreciative, but when the Dick 
Barton music started, a great 
cheer went up, and you could 
tell Which one they were there 1 
for.” 

With toe now enormously 
prolific output emerging from ' 
Hammer, Exclusive slowly 



---tv. 



Christopher Lee’s imm ortal ‘ Dracula ’ 


wound down, making room for 
films which were being pro- 
duced in sometimes no more 
than two weeks, with budgets 
as little at £40,000. But for toe 
steadily expanding company, 
the turning point came in 1955, 
when James Carreras decided 
to take another major success 
from toe BBC, this time toe 
sensational Nigel Kheal TV 
serial. The Quatermass Experi- 
ment, which, when released, 
gave the company the inter- 
national recognition it had 
deservedly earned. 

The Curse of Frankenstein 
in 1957, the first British horror 
picture to be made in colour, 
cost- £70,000 and grossed 
£2,000,000, as did toe other 

ANN MANN Idbks 
at Hammer Films, 
which has just 
had a retrospective 
television season 


gothic triumph “Dracula" in 
1958, starring Christopher Lee 
as the most charismatic Count 
ever. 

Hammer’s name was now 
synonomous with horror and 
would always remain so. It had 
become the first British Com- 
pany to make a distinctive type 
of film which started a world 
cycle, and it bad crashed the 
American market so success- 
fully that Hammer were mak- 
ing pictures for all the major 
US studios. In 1988, they re- 
ceived the Queen’s award to 
Industry for three years of 
production, in which they had 
brought £1.500,000, in dollars, 
into toe UK per year. 

Throughout toe sixties and 
seventies, it seemed that they 
were as invincible as Dracula 
himself, and in 1971 reached 
their peak production period, 
with 10 films completed within 
12 months. But nothing lasts 
for ever, and toe cosy family 
firm was breaking up. The two 
old pioneers were dead. Enrique 
Carreras, peacefully in his bed, 
while William Hinds, the man 
who always preferred music ball 
to motion pictures, killed in a 


bicycle accident Anthony 
Hinds bad retired, as had James 
Carreras, leaving his . son 
Michael with perhaps toe most 
demanding and turbulent years 
of the firm’s history. 

When film experts refer to 
Hammer, they either draw a 
veil of melodramatic secrecy 
over its last days of feature 
film production, or they don’t 
mention It at ati. The truth ls 
simple. Hammer went broke. 
For a company which had never 
rested on its laurels, but kept 
ploughing hade its resources 
into more production, and had 
once naively — and in retrospect, 
misguldedly — borrowed from 
.the National Film Finance Cor- 
poration and repaid in full, it 
was a humiliating but neverthe- 
less unavoidable experience. ' 

Even the innovative mind at 
Michael Carreras could not com- 
pete with the 1974 financial 
crash which almost destroyed 
the British Film Industry. Nor 
toe television audiences which 
had doubled since the sixties. 
Also, there were changes with- 
in the genre itself. Gothic was 
out, realism in, and neither 
Dracula stalking the King's 
Road nor a powerful Dennis 
Wheatley plot could challenge 
American frighteners like The 
Texas Chain-saw Massacre. 

In 1980, with the collapse of 
the last Hammer picture, The 
Lady Vanishes, a well-known 
industrial company’s pension 
fund which had been its major 
investor, moved in, dramatically 
claiming toe negatives, reridules 
and most cUspiiitingly — the 
name. Since then, the com pany 
has been run purely as a tele- 
vision concern from Elstree, by 
two ex-pen-pushers, although an 
announcement in the trade press 
a few weeks ago declared their 
intention to return toe logo to 
the cinema screen. 

Meanwhile, Michael Carreras 
(who naturally has a son in toe 
business) is also keeping an eye 
on the ever-changing market, 
with a view to rising from toe 
ashes, which poses the distinct 
possibility that the names of 
Hammer and Carreras could 
well end up in competition. 
Something which grandfather 
Enrique would never have 
envisaged but more than likely 
might have appreciated the 
challenge. 


Machaut to Wolpe 


THURSDAY’S double instal- 
ment of the Birtwistle-inspired 
South Bank festival- was exem- 
plary: athletic, toughiy intri- 
cate music with hieratic airs, 
just what you'd expect Birt- 
wistle to admire. It left room 
for a clever piece in a more 
“ subjective " mode, Anthony 
Payne's Alleluias and Rockets, 
which carried instant convic- 
tion. The latest of the festival's 
commissioned re workings of 
Machautis “Hoquetus David,'' 
it draws Machaufs lines into 
modern patterns, studded with 
choral hallelujahs like romantic 
fanfares. 

These invited Ma chant-exer- 
cises have been continually In- 
spiriting, for composer after 
composer has responded in 
best form. The South Bank 
organisers must find time to 
assemble them in a single con- 
cert: it would be exciting, and 
much more substantial than toe 
Russian Five’s collaborative 
variations, ou “Chopsticks,” or 
the Eventail de Jeanne ballet 


Chess No 687 

1 B-K7. If Q-Q7; 2 N-Q4, or if 
Q-B4; 2 B-Q8, or if Q-B5; 2 
Q-R5, or if QxN ch; 2 R-Q, or if 
Q-RI ch; 2 N-Q8. 


to which Ravel, Roussel and 
some of their juniors contri- 
buted. By current standards, at 
any rate, strenuous ingenuity is 
more fun. 

Payne made sterling capital 
of the ensemble allotted to him, 
the quintets of reeds and of 
brass who were on hand for 
Stravinsky’s postwar Mass. 
Andrew Parrott conducted the 
Taverner Choir in a tidy, 
slightly prosaic performance of 
the Maas — more tightly sprung 
rhythms ran set its lusty praises 
and devout suspensions in bet- 
ter relief, and so can the irre- 
placeable colour of boy-treble 
voices (good though the Taver- 
ner sopranos were) The four- 
man core Taverner Consort 
gave us Machaut's imperishable 
Mease de Nostre Home with con- 
scious art, and (in the circum- 
stances) aptly interpolated 
movements of John Cage’s 
Clarinet Sonata by the scrupu- 
lous Anthony Pay. * 

Before and after the interval 
we bad Xenakis pieces, 
superbly played by toe cellist 
Rohan de Saram. Nothing less 
than his passionate involvement 
can make Nomos Alpha seem a 
convincing performance — after 
many hearings, I still think that 


its theoretical basis remains in- 
audible, and showmanship has 
to carry it through. Kottos is an 
earthier study, with an immedi- 
ate impact like Xenakis’s Greek 
scene-music, and de Saram’s ac- 
count of it was forcefully 
persuasive. 

For a smallish audience of 
aficionados, the festival 
mounted a late-evening per- 
formance of Stefan Wolpe's 
Enactments for Three Pianos, 
which is in certain quarters a 
legendary work. Wolpe was a 
Schoenberg pupil, and oae who 
developed (through exile in 
Israel, and then in America) 
In severely original ways; 
Enactments, which makes cruel 
demands upon its piano-trio 
ensemble, was drafted as what 
Americans would call a “major 
statement" of Wolpe’s later 
® rt - Its realisation by Andrew 
Clive Williamson and 
Keith Williams was musicianly 
enough to indicate the lofty 
scale of its five movements, 
modest to give •* a 
full-blooded dramatic profile- 
With repetition, &£r tfdcry 
sketch should burgeon into 
3-D colour, and we might dis- 
cover it to challenge Bartoks 
great two-piano Sonata, 

David Mmray 


.t 





WEEKEND FT XVII 





bl 



* Draal, 






i.** 

• "i . .- t 


. jlj ■ 


r T. T.: .“■■■ 




Financial Times Saturday September 5 1987 


ARTS 


mu FESTIVALS, are like a . 
combined arrival-anri-departure 
hall in tie great airport of 
cinema. At the same time as 
waving fond handkerchiefs at 
the departing old, we are asked 
to gis? violent hogs of welcome 
to the arriving new. Nowhere 
has this schisophrenic behaviour 
been more evident than at 
Venice 1987.. 

Valedictory events have in* 
duded a tribute to. Ctoectttft 
Studios, 50 years old this year, 
and - a. - giant retrospective 
devpted ■ to Hollywood veteran 
Joseph Manhiewicfc- f director of 
Ail- About Eve, Cleopatra and 
Co). Subjects for futuregating 
include. the- first year as fest 
director for Gugliehno Biraghi 
(late 6f Taormina) and the un- 
veiling of the- first ever feature' 
film- shot- in high- definition 
video, dubbed the system of the 
future, Julia and Julia. 

I reported on the making of 
this Kalwxirproduoed movie re-, 
centiy, after a visit to the get 
When the film sported the tide 

Borderline. Alas. “Boredom 
Line" would' be more appro- 
priate for the finished product. 
Kathleen Turner, Gabriel Byrne 
and Sting moon through a ludi- 
crous time-travel . plot about a 
widow re-encountering her late 
spouse. The anglophone stars 
look all at sea, die Italian sup- 
porting cast is dubbed in almost 
literally unspeakable RngHtb, 
and the visuals dimly shimmer, 
as if lit by a failing 100-watt 
bulb: Lots more work Is 



From John Huston's last film, 44 The Dead 


Nisei Andrews at the Venice Film Festival 


reports on the good, the boring and 
an unashamed tear-ierker 


needed here if. this 4s the shape 
of things to come as current TV 
and movie directions almost cer- 
tainly demand that it is. 

. Julia and Julia's enfeebled 
lustre soon gave way to the 
splendours of Maurice. .. The 
direc tor-proda cer ream q£- 
James Ivory and Ismail Mer- 
chant — purveyors of finely- 
crafted period' pieces, moat 
lately A Room With A View— 
have here gone for E. If. 
Forster again; fastening on his 
Roman Sf audit about homo- 
sexuality. The film does not 
definit e ly .not have the. sunny 
arcadian feel of its predecessor. 
And some scenes teeter on the 
brink of the risible, as when 
coping with Forster’s romantic 


Huston’s farewell 


daydreams about gamekeepers. 
With muddy boots and Somer- 
set accent the virile young 
scudder <Bnpert Graves) shins 
UP a ladder into the master's 
bedroom in the final reel and — 
lof — desires mesh and classes 
interlock. 

But Ivory’s brinkmanship 
here and throughout is 
masterly. The film has a choked 
andelegaic yearning that seems 
wholly faithful to the pre-war 
period. (Only a few years ear- 


lier. Oscar Wilde had dis- 
covered that the love that dared 
not speak its name could 
sternly spell out the -words 
“ Beading Gaol’’). And cap- 
ping Ivory's usual strong sup- 
porting cast — Denholm Elliott, 
Ben Kingsley, Billie Whitelaw, 
Simon Callow — are newcomers 
James Wllby and Hugh Grant 
as the shining scions of Cam- 
bridge who graduate into doom- 
filled romance. 

Though the film is faintly old- 


fashioned, old-fashionedness 
has been a virtue at Venice so 
far. The two prime French 
entries — Eri Rohmer’s My 
Gorlfriend's Boyfriend and 
Louis Malle's Farewell to Our 
Children — are unwaveringly 
in their respective director's 
traditions. Rohmer finds an- 
other feather-headed young 
heroine (Sophie Renoir) to 
push Into romance, via acres of 
dialogue, wind-surfing, cafe- 
sitting, dating, philosophising 


Records 


THE compact disc repertoire is -m mr . ~m 

IIIe Mozart graced 

val of the nerw Japanese DAT 
systems. The^ latter will initially 

be so expensive (£1500 is the imagination. The incisive bite on several A SV releases. 


In other readings sound absurdly 


guess for a domestic machine) that Tate- ensures for the Mozart, they respond to the polite and thin. 

that CDs have time yet to estab- orchestral parts is unusual in venerable Alexander Schnei- Jeffrey Tate reappears on 


lish a broad beachhead: instant these works. 


obsolescence is not lo be feared. Uchida is delectable. 


bracing; der's conducting 


old- EMI 


StaatskapeUe 


fashioned simplicity and sweet- Dresden in an objective, beauti- 


This seems a good time to re- The other Mihaikn : who has ness in the 38th and 39th fully considered performance of 


view recent additions to the 'proved that Japanese artists Symphonies (COE 806) and Beethoven's Seventh Symphony 

needn't he mere, mimlen in majr winds (on COE 801) are (CDC 7 47815 2). It opens 


Classical . repertoire. 


TiWm Phiii™ Western music is the mezzo warmly mellifluous in the great maj e s ticall y, and ends with a 

From Philips come the piano OiM . vst** Camiuta IT SHI fthmiirh Hirnn? hut mnllv pnnfrnllprf 


nn in»h3. LJITf nt Mitsuko Shiral, a Lieder singer Bfiat Serenade. K. 361 (though surging but coolly controlled 
iSS? amongthe best; with the ad- I doubt that Mozart imagined Finale. TheScherzo has terrific 
vantage of a fine pianlst-hus- an Adagio so slow). With Paavo urgency without haste, and Tate 


L_ A T DpOfiAol ' vuuaofiO 1M a imp piouiot-uuo- du xiuo^iu ivius ai«>w — 

r!£L%£ • band in Hartmut H0lL._ On Berghmd as conductor -they gives a fascinating. account of 
aistmguisneq_team toooe ttot- capriccio 110 098) they deliver supply- alert accompaniment ta the Allegretto variation-move- 


wJZL-i Capriccio £10 098) they deliver supply alert accompaniment m the Allegretto, varation-move- 
iiger, n ara ^B iBmM). s^ mg , generous programme of 21 the oboe concert! of Mozart and ment, steadily lyrical and fluent 

Mozart songs with irresistible Richard Strauss (COE 808) four instead of weightily Significant 


stern standard is set and never ^*and^n«a^;*NbEg Bout 
ms t alm ent ^ inflated or overdramatised work 


tor_tte sake of variety (most sensitivity. 


ints both in the revered Teutonic manner, 
wit and The recorded sound is notably 
full and deep, and the Sym- 


Mo “ rt 's songs are modest ASV also presents the Lindsay phony is complemented by the 


£ ®£®y pieces) but Shirai captures dif- Quartet in Schubert— "Death amiable " Consecration of the 

vjcX T* f erent moods and manners with and the Maiden,” and the House Overture. 


482, and the A major, K 48 8, ■ mxcaziny subtlety: wonderful potHinrnnnn Quartettsatz (DCA Also on E M I is Olaf Baer in 

is even better than "their first— late-evening listening: 560)— and in Haydn’s three op. Schubert’s Die schO Mulleriu 

Just as transparent and bright, <ni e young Chamber Orches- 54 quartets (DCA 582). Vital cycle with Geoffrey Parsons at 

with marvellous character and tra of Europe' figures creditably Intelligence informs their the piano (CDC 7 47947 2). 

( Schubert performances, and The precociously mature young 
die “ Death and the Maiden ” baritone Is altogether as appeal 


Radio 


quartet is continuously exciting, lug, thoughtful and cultivated 
The Lindsay’s Haydn, arriving as expected; he has unexpected 


The dodo revived 


in nice time for their Haydn competition nonetheless in the 
marathon which begins a week tenor Josef Protschka’s pen- 


today at the Wigmore, has real formance with Helmut Deutsch 
revelatory flashes. Without on Capriccio (10 082). Pro- 


romanticising the music (their tschka allows himself lustier 
lean, muscular sound is good dramatic expression than Baer, 


ss"" ESSfiSS 

the dodo, first recorded when tom At the raT^FossaTis convmcmg. and liable to make toularly for the piano: the mill 


one bit a Dutch sailor in 1598^ happy to . adopt Mrs Ctinketfs 
last when the Mauritius settlers bastard baby and so achieve his 


killed and ate the last one re- - ideal situation, to have . a son 
mainlng in 1681. There, were without the trouble of a wife. 


also dodos on Reunion, not the The writing is full of satiric 
original Dodo cncitllatus but the shafts at actors, critics, doctors, 1 


white Dodo sbigularis, of lawyers and so on, and the play- ■ 
course, which may have sur- |ng under Glyn Desman's 




vived until 1693. This was the direction is as good as you 
first programme in a series on would expect -from a company 


extinct birds' by Jean-Pie rre de that includes Nicholas Grace, 
Rohan, which will be indispen- Mih» Gwilym. Charles Gray, 


sable to connoisseurs of extinct John Hoffatt, Bernard Hepton 
birds, but was, I suspect, and Robert Eddison. 


slipped in to draw attention to Anne Nightingale’s two-part, 


the repeats now fi l l i ng the programme about the Beatles’ 
channels (The Dodo Legacy sergeant Pepper album (Radio! 


U 



being one). 


4, Sunday and Monday, repeated 


Six of the week’s 10 plays on from Radio 1) was less nostal- 
RaJios 3 and. 4 .were repeats, gic than it promised, for half 


including all three Radio 8 those numbers are still as air- 
plays. As I said last week, no rent as the Hallelujah Chorus. 


and other pre-requisites of the 
Rohmerian life. The terrain is 
well-trodden, but fresh charms 
and surprises still spring up. 
And Malle's movie is another 
journey into politically dark- 
hoed boyhood, like his last 
French film Lacombe Lvcien. 
Here he dramatises his own 
childhood friendship with a 
Jewish schoolboy eventually 
carted off by the Nazis. The 
fresco of life in a 1940s reli- 
gious school is vivid and often 
withe ringly funny, malting all 
the more poignant, when it 
comes, the gathering miasma of 
fear. 

No film looks back to the 
past more pungently than John 
Huston's last movie. The Dead. 
It looks back not just to the 
Dublin of 1904 in which James 
Joyce's original story is set, 
but to the whole career of this 
sage old filmic yarn-spinner 
who kept us entertained for 50 
years with everything from 
Maltese Falcons to African 
Queens to warring deep-pan 
Frizzls. 

The Dead had almost every- 
one at Venice with any Irish 
blood in them going moist-eyed 
with emotion. Huston's mostly 
Irish cast (Donald McCann, 
Donald Donnelly, Maire Keen, 
Dan 0*Herljhy) traverse Joyce’s 
tragic-funny tale of lost dreams, 
missed love and memories 
swapped across the supper 
table. I have no Irish blood in 
me and the tear-ducts remained 
stubbornly unsluiced. The film 
is shot in sackcloth browns and 
is reverentially stagey. (It was 
filmed in a California studio 
except for a handful of location 
shots.) And the central per- 
formance by McCann, as the 
middle-ager who discovers too 
late his deficient heart, is dis- 
mayingly inexpressive. But at 
its best — as when the soiree's 
minor characters chime in with 
a story, a joke, a reminiscence 
or a shakily sung Bellini aria — 
the Huston enchantment works. 
And in the main female role, 
McCann’s wife, Huston’s 
daughter Anjelica carries on 
the master’s torch in a perform- 
ance of wonderful mischief and 
magic, quirky range and Celtic 
poetry and passion. 


wheel music rumbles heavily 
with Parsons, though he is 
a more seasoned accompanist 
than Deutsch. 

The notion of a “winner” 
here would be silly: we ought 
■rather to be delighted that 
there are two new-generation 
lingers who can deliver the 
cycle with such freshness and 
style. Small reservations about 
one account are generally 
balanced on the other side. 
I have no honest preference 
between them, and am greedily 
pleased to have both. 

Another rewarding compari- 
son arises with the EMI ver- 
sion of Chausson's Concert for 
piano, violin and quartet 
(7475482), though it’s not 
Viennese. A majestic perform- 
ance appeared not long ago on 
CBS, with Bolet, Perlman and 
the Jnilliard; the new one by 
Jean-Philippe Collard, Augustin 
Camay and Ihe Muir Quartet 
is much more specifically 
French in style. 

It lacks the imposing breadth 
of the earlier account, but it 
also turns Chausson's occasional 
lapses into routine rhetoric into 
believable gestures, and it 
searches more intimately into 
expressive detail The Muir 
players came into their own 
with a fine, committed exposi- 
tion of the Quartet Chaussou 
bad almost finished when he 
took his fatal bicycle ride. It 
is a remarkable and moving 
work which this disc should 
make much better known. 

David Murray 





An emperor’s art 


IT is fitting that the exhibition 
on currently in Budapest of The 
Emperor Sigismund and the 
Art of his Time should be 
staged within the precincts of 
Royal Buda; for it was Sight 
mund who ensplendoured the 
castle and made it Into a 
guttering international centre 
of political, diplomatic and 
cultural significance. Hungary 
has suffered such devastation 
since the 15th century that it 
is a miracle that anything of 
the period can be retrieved and 
displayed. Modem archaeology 
and painstaking scholarship, 
however, have achieved the 
apparently impossible, and the 
results have been cleverly 
assembled by Em5 Marosi and 
his team. 

Sigismund of Luxembourg 
(1368-1437) was an extra- 
ordinary mediaeval politician 
and diplomatist who began his 
career by acquiring the throne 
of Hungary, was elected Holy 
Roman Emperor in 1414, added 
the throne of Lombardy to his 
collection in 1431, was bizarre ly 
crowned “ Emperor of Rome " 
by Pope Eugene IV in 1433, 
and finally succeeded in his 
long-cherished desire to inherit 
the Bohemian throne from his 
brother. He was the second son 
of Charles IV of Bohemia, a 
member of the Luxembourg 
dynasty, and his mother was 
German. Bis roots were there- 
fore everywhere and nowhere, 
and he became adept at 
manipulating interests and 
alliances in his favour. The 
Hungarian throne he secured 
by marriage, and his other 
titles and possessions by diplo- 
matic guile and the judicious 
use of force. 

Clearly, he was an excep- 
tional man, and the reproduc- 
tion of his portrait attributed 
to Plsanello shows a strong 
intelligent face with a pro- 
nouncedly hooked nose — this 
aspect of him, and the narrow- 
ness of his features, being 
emphasised in the Dflrer port- 
rait done from secondary 
sources after his death. 



Sculpture from the Sigismund Exhibition 


unsmEable. Plans in the exhibi- 
tion show his ambitious expan- 
sion of Buda castle, including 
the construction of the magnifi- 
cent “Frias (ie new) Palace," 
inspired by the Papal palace at 
Avignon, which Sigismund had 
of course visited. Nothing of it 
now remains above ground 
level. Building works in 1974 
unexpectedly uncovered the re- 
mains of wbat appears to have 
been a royal sculpture collec- 
tion. These beautiful late 
gothic works are the visual high 
point of the exhibition. They 


He began by consolidating 
his power in Hungary — but at 
a heavy price for baronial sup- 
port — and was alert early to 
the threat of Turkish 
imperialism However, general- 
ship was not one of his skills, 
and an attempt to stem the 
Turkish advance ended dis- 
astrously at NJJcfipoly. His 
later role as Holy Roman 
Emperor entangled him In 
Papal politics, and his ambi- 
tions in Bohemia in the 
Hussite controversy. This led 
to one of the shabbiest episodes 
in his career, and one of the 
most disgusting In the history 
of the Church; for it was 
Sigismund who granted Huss a 
“safe conduct” to come and 
explain his fet c hing at the 
Council of Constance, and who 
did nulling to honour his word 
when the preacher was threwn 
Into prison, subjected to a 
mockery of a trial and burnt at 
the stake. Huss’* death brought 
upon the Emperor the undying 
hatred of the Hussites and stif- 
fened the resolve of those who 
opposed his dynastic preten- 
sions in Bohemia. 

Despite this, and further mili- 
tary failures against both the 
Venetians and the Tnrks, 
Sigismund was astonishingly 


Budapest is paying 
tribute to the 
memory of Sigismund, 
reports NICHOLAS 
PARSONS 


fall into two categories — deli- 
cate naturalistic small-scale 
works in the Flemish/French 
tradition, and somewhat larger 
ones of the German cathedral- 
mason school. 

It is noticeable that the 
features of the faces show in 
some cases the harrow westem- 
European type, (as in the 
famous study of a man with his 
flowing luxurious headgear), 
and in others the broader flatter 
Hungarian type of the east. 

Between 1412 and i426 Buda 
(to which Sigismund had moved 
his capital from Visegrad) was 
a diplomatic hub where cele- 
brities such as John Falaiologus 
V3H and Erik VII of Denmark 
were lavishly entertained. 

The lavishness extended to 
artistic activity elsewhere in the 
k in g do m — during Sigismund’s 
reign the late gothic Coronation 
Church of St Michael In Pozsony 
(now Bratislava) was erected, 
and a similarly elegant church 
at Kaschau (Kosice). Thomas of 


Kolosvar painted his magnificent 
Calvary tryptich, on loan to the 
exhibition from its usual home 
in Esztergom. At the same time, 
some of the highest quality 
work of the international gothic 
style was being done in illumin- 
ated manuscripts. There are 
superb examples on display, 
such as the beautiful “ St 
Benedict ” cut out from an anti- 
phonary, which is clearly 
inspired by the Limbourg 
brothers, and Is the work of a 
Bohemian master. 

Another example of fine 
craf tsmanshi p may he seen in 
the ivory saddle inlaid with 
allegorical scenes relating to the 
Order of the Dragon. There was 
more than symbolic significance 
in the order, for the official 
view of royalty was that the 
King was primus inter pares 
among his knights. 

The legacy of Sigismund was 
significant in terms of politics, 
and consequently in terms of 
culture, for Hungary. His 
quarrels with too popes 
resulted in a loosening of the 
grip of the church over ecclesi- 
astical appoin tm ents, an inde- 
pendence from the Papacy, and 
even a of church 

Influence in education. Geo- 
political ly. he abandoned Dal- 
matia to Venice, thus ending a 
SOOy ear-long involvement of 
Hungary in Adriatic affairs. 

Sigismund himself had more 
of an eye for the symbolic and 
aesthetic value of splendour 
'than a taste for the pedantries 
of scholarship. This ■ is wall 
illustrated by his retort to a 
prelate at the Council of Con- 
stance. The cleric complained 
flat the emperor’s Latin 
grammar was not up to much. 
“ Ego sum rex Romanos," 
replied Sigismund loftily, “et 
supra jpanMnaticam." ("I an 
the Roman king, ami am above 
grammar.”) The exhibition 
continues in the Budapest His- 
torical Museum until November 
8. 


Art Galleries 


SOLOMON BALLERV ncmti YOUNG MASTERS 

gs^.J3Foi srsvu* 


DAVID ROBERTS’ 
E6YPT & THE HOLY LAND 
1-26 September 


An Exhibition of Antique Prints 
THE SCHUSTER GALLERY 
14 Maddox Street. London W1R SPL 
Tei. 03 -491 2208. Catalogue £6 











harm in repeating good stuff, (On my set the Monday pro- 
and three of the plays have won gramme was inexplicably 1 


prizes either, from Giles Cooper replaced by the Rhapsody in 


or Sony. ... . • - Blue.) It was good to hear it. 

The Angels They Grow - all again, but 1 wanted to hear I 
Lonely, by Gerry Jones, dates .more. George Martin, EMFs i 
from 1983, and I seem not to recording engineer, was there. 


have written about it. It is a and he told us about the Beatles* 
moving short piece about a man intolerable way of monopolising 


who suffers a mental break- the studio, for over 700 hours 
down. First he thinks he is 0 f 129 days, at their exclusive 


able to fly; then be finds that convenience. He might have told 


the -doctors -are in conspii 
against him; when he loses 


ns more about the music. How 
much of the orchestration was 


job, his Illusions take another, his own, how much the Beatles'? 
sadder form .and .lead- to a sad What was toe additional lustra- 






L 



ending. Gerry Jones writes mentation? Who played the E 
convincingly about madness, flat trumpet in 44 Penny Lane" 


and toe pisy was excellently and -the strings in “She’s Leav- 
done under Martin Jenkins’s ing Home”? 


direction, with Nigel Anthony 
as toe invalid. - 


The Shadow Knows (Radio 4, 
yesterday) was a documentary 


Three Hours after Marriage a bout Orson Welles as radio 
was broadcast last year, burl producer and player. We heard 


missed it and am delighted to bits of near-Shakespeare and 
have caught it now. It is a far- near-Donne, of the burning of 


cical comedy by Gay, Pope and the Hindenburgh airship, of A 
Axbuttoot. that..- plays happy Christ™* Carol, at toe fictional 


tricks with toe 'characteristic invasion of NevrYork by'H. G. 
18 th-century ploy suggested in . Wells’s Martians, of Sherlock 


the title- OM Dr Fcwsile Holmes's final encounter with ■, 
(Maurice Denham) anxious to professor Moriarty (John Gfel- j 


beget a son. marries young Mis «ud as Holmes). We heard 
Townley (Jenny Fn nneU)-~And comments from sundry experts, 
at once two young actors hover* some more * interesting . than { 
ing round her sister Mrs CJm- others. I would rather have 
Sett, an intellectual playwright. _ heard . longer extracts from 
who can command toe company iy e Ues’s work on radio, 

of people like the great entie ^ which he was evidently a 
Sir Tremendous, bave_a_bet -an master. 

which will make her first , . « A Ynune 

Each hour after manage . . . AUiu#g. 


If s no coincidence that the big names are attracted 
to Wemhlsy Madonna played toe Stadium far three sell- 
out Trt ghts In August and. Maradona played far the Rest of 
toe Vtorid against toe Fbotball League at Wembley Stadium 


the biggest pumas in sport «nd show business- Our new 
hospitality packages are the best way to sse any Wembley 
e ve n t from championship boxing to toe best opera s i ngin g 


superb lunch or dfrmgr. celebrity boats and escorts to toe 
best seats. (And next year our new executive boxes in toe 


Stadium will be available far yearly rental.) 


fa the world. 


For dafnflq ah nmt official Wembley entertainment 


in the same month. 




new Wsmbley can offer you even more than 


ITs first class all toe way with special reserved 
parking, drinks before al t a r toe ev en t fa a private ban 


packages far the Stadium, Arena or Grand HaO, phone 
Fran Sasic on (03) 802 8833. 


^ WHERE aSE- 


■; .... • .. . . . / . 
s - . . -v v .* - * 

4W r i-r-e . 


m 



xvm w 




VD IT 


Financial Times Saturday September 5 1387 



Medicine/ Michael Thompson-Noel 


Very late In the day, 
Britain finally has its 
own Olympic Medical 
Centre 


WHILE THE heroes and 
heroines of British athletics 
were giving their all at the 
world championships in Rome 
this week, an event of great 
significance was occurring at 
un glamorous Harrow, in 
Middlesex— to wit, the opening 
by the Princess Royal of the 
British Olympic Medical Centre 
at Northwick Park Hospital 
and Clinical Research Centre. 

Devoted solely to the needs 
of sportsmen and women, the 
centre is the first ot Its kind 
in Britain. Among other things 
it will provide medical screen- 
ing. injury treatment facilities, 
a referral service, a physio- 
logical fitness testing laboratory 
that offers specific advice on 
training, and an advisory ser- 
vice covering matters like diet 
travel and research into 
biomechanical aspects of train- 
ing and competition. 

What is more, it boasts some 
top personnel. The honorary 
medical director is Dr Mark 
Harries — a consultant in respir- 
atory medicine at Northwick. 
member of the British Olympic 
Medical Sub-Committee since 
1978 and medical adviser to the 
British gymnastics men's squad. 
He's a surfer, a swimmer, a 
squash player and a jogger. 

In turn, the chief physiologist 
is Dr Craig ShBip who has 
worked with a variety of 
Olympic and national squads 
over the past 15 years and is 
an experienced coach, team 
manager, trainer and selector. 

He also ran cross country 
Sot Scotland and played squash 
for Kenya and the West of 
Scotland. 

Which is all very jolly, if 
just a shade late — years late, 
in truth — in that many other 
countries (some grand, like the 
US and Russia; others young 
and thrusting, like Australia 
and Canada) already have well- 
established national medical 
centres of this nature with 
which to underpin their assault 
on the record books and medal 
lists. 

The sheer tardiness with 
which Britain has inaugurated 
Its own Olympic medical centre 
was much on people's minds at 
the official opening on Wednes- 
day. 

The Princess Royal (herself 
a former Olympic competitor 
of note) looked suitably prim- 



slowly 


faced when saying that the 
facilities had been “a little 
while in coming." 

Sir Christopher Booth, vice- 
patron of the British Olympic 
Medical Trust, admitted that 
“the concept of sports medicine 
is catching on rather late in 
this country,” before adding: 
"It’s a small step we are talcing 
today, but as Mao tse-tung said 
—that’s how you get there.” 

And Charles Palmer, chair- 
man of the British Olympic 
Association, who is also a key 
figure in international sports 
politics, said he hoped that the 
new centre would help “right 
the failings of the past” so that 
Britain could at last help its 
sportspeople “compete on a 
more equal footing with our 
rivals — hut nonetheless friends 
— in the Olympic family 
abroad.” 

Over the last 10 years, he 
said, the British Olympic As- 
sociation had been changing 
from what some journalism 
bad referred to as an “ elite 
travel agency” into an organ- 
isation that sought to support 
its member bodies properly 
throughout the four-year 
period of an Olympiad. What 
had become dear was that the 


medical back-up available to 

top British sportspeople com- 
pared badly with that available 
to many of their Olympic 
rivals. 

Ever the diplomat. Palmer 
conjectured — suavely — that 
perhaps the reason for this was 
the excellence of Britain's 
National Health Service. “It 
is possible," he said, “that 
countries without a free nat- 
ional health service more 
quickly become aware of their 
sportspeo pie’s needs,” adding 
that he could spend much time 
describing the marvellous 
facilities that existed in other 
countries, but that that would 
only reflect badly on Britain, 
which was not his aim. 

The starting-up cost of the 
centre was about £250,000 and 
it will cost more than £100,000 
a nnually to run. To date, con 
tributors have included the 
Sports Council (£85,000 
initially), Glaxo (£40,000 over 
two years), the International 
Olympic Committee ($20,000). 
the US Olympic Committee’s 
Friendship Fund ($50,000, from 
the profit made on the LA 
Olympics) and Adidas (£ 30,000 
for specific research projects), 
but they need whatever help 
they can get. 

Treatment at the centre is 
free, though a competitor must 
be referred directly by a 
general practitioner, or by a 
given sport's medical officer or 
authorised representative. 
Nationally there is an official 
network of physicians, surgeons 
and physiotherapists should 
competitors require treatment 
closer to home. 

The sports injury service 
alone gives some indication of 
the sophistication of facilities 
available at Northwick. An 
injuries clinic is held every 
Monday morning. There is an 
extensive diagnostic radiology 
department, plus expertise in 
fibre optic arthroscopy — essen- 
tial in the diagnosis and man- 
agement of knee and shoulder 
injuries. Furthermore, there is 
a large physiotherapy depart- 
ment consisting of a gym- 
nasium, two hydrotherapy pools 
and a very experienced staff. 

Nor are they slowcoaches 
when it comes to clinical 
measurement. To quote 
directiy: “The programme of 
cardiac investigations includes 
exercise electrocardiography, 
24-hour ambulatory ECG moni- 
toring, 2-D echo-c a rdiogr a phy 
and gated isotope scintigraphy. 
This uniquely allows studies of 
both dynamic and static cardiac 
function." 

As Mao said, that’s how you 
geit there. 


Golf Course Design/Ben Wright 


A shortage of modern masters 


Only eight post-war 
layouts rate among 
Golf Magarine’s 100 
greatest courses of the 
world. Any offers? 


BY SOME strange co-incidence, 
the two leading monthly golf 
magazines published in the US 
have chosen to feature in the 
same issue (September) major 
articles on the endlessly fascin- 
i nating subject of golf architec- 
ture or course design. 

Golf Magazine produces its 
tried and tested annual listing 
of the “100 greatest courses in 
the world,” although how a 
panel of 64 expert and distin- 
guished voters ever achieved a 
consensus is quite beyond me. 
Golf’s deadly and more success- 
ful rival, Goli Digest; however, 
has come up with a competition 
open to all armchair architects 
among its readers that has so 
riveted my attention that t.bave 
already nude a sizeable invest- 
ment in tracing paper, soft 
pencils, erasers, a box of water 
colours and sundry brushes. 

In 1914 Country Life maga- 
zine ran a similar competition 
for its readers, asking them to 
design an “ideal two-shot hole." 
Believe it or not, the winning 
entry was submitted by a young 
Scottish surgeon named Alister 

MacKenzie. 

Not surprisingly, Dr Mac- 
Kenzie left the medical profes- 
sion some time later, and went 
on to design several layouts in 
Golfs current 100 greatest 
courses, most notably Cypress 
Point, ranked 4th, Augusta 
National (5th), and Royal Mel- 
bourne (6th). In addition, two 
of MacKenzie’s lesser known 
but nonetheless brilliant gems 
—-New South Wales, at the 
mouth of Botany Bay in Syd- 
ney (55th), and Crystal Downs 
in upper Michigan (59th)— are 
among 12 newcomers to the 
top 100. MacKenzie has several 
more in this notable collection. 

In the Gold Digest compe- 
tition, the reader is presented 
with a tract of land pictured 
on a topographical map. The 
land lies In a valley beneath 
the 17th green at “Designer 
Hills Country Club" and a size- 
able swamp some 500 yards 
way. 

The supposition is that the 


course has always been a good 
one but that it possesses a weak 
finishing hole. The board of 
governors is determined to 
have the dub considered as a 
site for the US Open, and has 
recently purchased the strip of 
land in question. 

In putting it out to tender, 
these mythical gentlemen state 
that “they expect the hole to 
be spectacular, and are also 
alarming to build a new en- 
larged clubhouse on a new loca- 
tion overlooking the 18th hole." 

Also on the map is a creek 
that runs through the property 
in a rough S-shape as it mean- 
ders into tiie bog. There is a 
steep hillside on each side of 
the valley, on one of which is 
planned the clubhouse. 

The problems involved are 
several and complicated. For 
instance, the reader may design 
any thing from a three-shot par 
five to a destined-to-be-contro- 
versial per three. 

He or she can drain the 
swamp to create a lake, or 
eliminate all or any part of the 
creek by piping it beneath the 
fairway. No expense is to be 
spared. The landscape gardener 
has designated 11 particularly 
splendid trees as “specimen,” 
and competitors are expected to 
retain as many of them as 
possible. 

The dub members obviously 
want to be able to sit in their 
new clubhouse and watch play 
to the 18th green as golfers 
flush their rounds, so the new 
18th green must be easily 
visible from the clubhouse, or 
else the proposed building site 
has to be moved. There must be 
at least three tees all leading 
to the same routing to the green 
— and there you have it 

Having designed one existing 
golf course, in the early 1970s. 
St Cyprlen. in the south-west 
corner of France, on a former 
rubbish tip alongside a salt lake 
hard by the Mediterranean— 
hardly an ideal site — the Walter 
Mi tty in me is crying out to 
follow in Dr MacKenzie 's foot- 
steps. The winner of the Golf 
Digest competition will have his 
or her design published in the 
magazine and. more interest- 
ingly, will attend the next 
annuel meeting of tbe American 
Society of Golf Course Archi- 
tects in Bermuda, play golf 
with them, and generally get to 
be one of the gang. 

In the sample entry Ulus- 



Prehaps the most significant 
fact that emerges from this de- 
tailed study is that only one 
course in the top 23, Muirfield 
Village in Dublin. Ohio, de- 
signed. by Jack Nicklaus ahd 
placed 20th, has been built 
since the Second World War. In 
my opinion this course’ — the 
site for this month's Ryder Cud 
match — is very over-rated. In 
the second 25 there are’ but 
seven post-war layouts, four to 
the credit of Pete Dye, one to 
Nicklaus, one to the emerg- 
ing Tommy Fazio, and one to 
the late Javier Arana of Spain. 


Jack Nicklaas: his Muirfield Village course in Ohio 
' seems very over-rated 


trated, the designer has created 
a pond from the swamp, almost 
surrounded his 18th green by 
water, and buttressed it by the 
ubiquitous railway sleepers or 
telephone poles. Only three of 
the specimen trees survive, the 
creek is piped away out of 
play, and the result is a virtu- 
lally straight par four played 
at 475, 435, or 405 yards with 
not a single sand bunk. This 
design was probably intention- 
ally uninspired. 

The panel of four judges for 
the competition are — most im- 
pressively — the four officers of 
the ASGCA — president Roger 
Rulewich, vice-president Peter 
Dye, secretary Robert Trent- 
Jones jnr, and treasurer Dan 
Maples— all household names 
throughout the world in their 
lucrative and enviable profes- 
sion. 


To return to the subject of 
Golfs 100 greatest courses. I 
am very impressed by the ob- 
vious reversion to traditional 
standards of design heralded by 
the elevation of MacKenzie’s 
New South Wales, which 
opened in 1928, and. Crystal 


Dye's teeth-of-the-do* course 
at Casa de Campo in the Dom- 
inican Republic is placed 29th. 
his glorious Harbour Town on 
Hilton Head Island, South 
Carolina, is 30th, the Gold Club 
in New Albany, Ohio, is 38th 
and Dye’s once-notorious Tour- 
nament Players* Club at Saw- 
grass, Florida, is 41st 


Downs (1932). It is similarly 


encouraging to see Donah 
Ross's Essex Golf and Country 
Club in Windsor, Ontario 
<1929), entering the liht in 79th 
place, and the Arthur Tillin fi- 
ll ast-designed Five Farms East 
course in Baltimore, Maryland 
(1926). site of the historic 
Walker Cup tie in 1965 when 
Clive Clark holed a 20-footer 
downhill on the last green in 
the last singles match to save 
it, which comes in at 85th. 

Similarly, the long unfairly 
overshadowed Sunningdale New 
course, designed by the great 


My favourite Nicklaus course. 
Shoal Creek in Alabama, is 
placed 35th, although I think it 
is far better than his Muirfield. 
Fazio’s Wild Dunes on the Isle 
of Palms in South Carolina is 
49th. and Arana’s El Saler. a 
brilliant public course in Valen- 
cia, is ranked 50th. 

1 am proud to have been on 
86 of the top 100 courses, 
though ashamed that! have not 
even heard of some of them. But 
the fact that only eight post-war 
courses are in the top 50 is a 
stunning indictment of modern 
design. I intend to change all 
that! 


FT CROSSWORD PUZZLE No. 6422 

DINMUTZ 
15" 



Prizes of £10 each for the first fax correct solutions opened. Solutions, 
to be received by next Thursday, marked Crossword on the envelope, to 
The Financial Times, 20 Cannon Street, London EC4P 4BY. 
next Saturday. 


ACROSS 

1 Grey coat changed in class 

(5) 

5 Girl for morning lamb, we 
hear (6) 

18 Riding-school mishap (5) 

11 In sea off Cowes, five 
caught— not keeping heads 
above water (9) 

12 Newly-wed fit for Nick? (9) 

13 Stern, for example, applies it 
to bow (5) 

14 Firm pastries but imitations 

(6) 

15 Convert from sin in respect 
of title (7) 

18 Go a very different way like 
this traveller (7) 

26 In Scotland they greet old 
announcers (6) 

22 Name jug that is fresher (5) 

24 Some allowance is made for 
one In Chelsea (9) 

25 Meddling but is overthrown 

<9) 

26 Yam of two cities in digest 

form (5) 

27 Esurient press-chief in dull 
environment (6) 

28 Violate fashionable 

ornamental border (8) 


tide 


19 Junior's nappie 
down? Refund made! 

20 Business worry CD 

21 Bell otherwise in parson- 
age? (6) 

23 Willow branch to shrivel, 
almost (5) 


Solution to Puzzle No. 6,421 
MM=marine mammal 



SOLU TION A ND WINNERS OF 
PUZZLE No. 6*417 


DOWN 

1 Golly, they are contemptible 
people ffi) 

2 “ Irritable over funds 
reported statement in court 
OS) 

3 Amassing earth in catch- 
ment area (9-6) 

4 Horsemen surround a group 
of marauders (7) 

6 Wrongdoer Potter a crimi- 
nal, it turns out (15) 

7 Guides announced for city 0) 

8 University in too many 
changes for right to self-gov- 
ernment C3) 

9 Local groom? (6) 

16 From Ireland, an unusual 
Synthetic hormone (9) 

17 Plainsong in late service? (8) 



Miss E. ML Lock* Paignton, 
Devon; Mr T. McLaughlin, Blair- 
gowrie, Perthshire; Mr D. H. 
Browne, Winchester, Hants; Mr 
M. Webster, Perm, Wolverhamp- 
ton; Mr P. A. I* Freeman, Lon* 
don NW4. 


SATURDAY 


TELEVISION AND RADIO 


t Indicate* programmes in 
black and white 

MCI 

M0 am Thu Family News. 8.85 Oog- 
tenisn and the Three Muskshounda. 
fM» Ifa Wicked! 10.16 Grandstand. 

10.15 Cricket; 12.45 pm Athletics; 1.00 
Nows Summary; 1.05 Football Focus; 
126 Cricket: 2.16 Haydock Racing; 2.20 
Cricket; 2.46 Haydock Racing: 2.60 
Cricket: 3.00 Evanting/Athlerici; MB 
Haydock Racing: 3 .50-6 .50 Athletic*. 
5.20 New*. BJO Regional programmes. 
BJ50 Bob's Full House. 

7-25 Barg arse. 8-55 Nows and Sport. 
9. TO Film: " Risky Business." TO.® 
Monty Python's Flying Circus. 11 .IS 
World Athletics Championships. 12-05 
am Rim.- ** Up the Front " starring 
Frankie Howard. 


BBC2 

2.15 pm Network East. 2JBB Cricket: 
The NatWsat Benk Trophy Rnal. 7 JO 
Nowsvlew. 8.10 A Tribute to the 
Amadeus String Quartet, an Interview 
With Bernard Levin. 9.2S Cricket 
highlights. f10.15-12.16 am Rim: "Tha 
Hunchback at Notre Dame;" with 
Charles Laughton. 


WORLD SERVICE 

6.65 am TV- am Breakfast programme. 
8X5 No 73. 11.00 The Roxy. 11.30 

Punky Brewster. 12X0 Tha Fall Guy. 

1.00 pm News. IjOG Saint and Gmavale. 
130 Wrestling. 2.16 " Gordon. The 
Black Pints." 3.46 The World Athletic* 
Championship*. 4.48 Results Service. 

5.00 News. 6.® Blockbusters. 53S Tha 

A-Team. 6.30 Blind Date. 7.15 Beadle’s 
About. 7-® 3-2-1. 8-46 News end 

Sport. 94» Murder, Mystery Suspense: 
"The Deadly Drum. 

1030 Clive James. 1130 The World 
Athletics Championships. 124)0 Hunter. 
130 am Night Network. 


CHANNEL 4 

8.30 am Listening Eye. 10.00 The 


Home Service. 10.30 Scotland's Story. 
11-00 Bones. 11.30 Dentin* Days. t1235 
par See War. 72.55 Murun Such scan 
sengur. t1J» “ One Way Pendulum.” 
t23G Faria 1900. 330 Channel 4 Racing 
from Kemp ton Park. 5.05 Brookside 
Omnibus. 6 jQQ Right to Reply. 

6.30 pm Ouraalvas and Other 
Animals. 7.00 News Summary fol- 
lowed by Beyond Belief. 7-30 No Easy 
Walk. 930 Japan. 9.30 Inochl (English 
subtitles). 10.00 St Elsewhere. 10.65 4 
Minutes. 11.00 Australian Rules Foot- 
ball. 12.00 ** The Day the Bubble 
Burst" 

S4C WALES 

10.00 am What the Papers Say. 10.15 
Valued Opinion. 70 JO A Full Ufa. 11 JO 
The Mississippi. 12.00 Sea War. 1230 
pm Scotland's Story. M-OO Film " The 
Green Years." 3JQ Racing. 5.00 Fst 
Man Goes None. 6J0 Right to Reply. 
6 JO All Muck and Magic? 

7.00 pm The Dragon has Two 
Tongues. 7.30 Newyddion. 7 JO Trejo I on 
cwn defaid. 8.15 Straeon yr hen Ilya 
fawr. 9.W Y mass chwsraa. 10.00 
Realo. WJO Tha Bast of Paul Hogan. 
11-00 Australian Ridas Football. T ZAO 
Film " The Day tha Bubble Burst" 

I BA regions as London except at the 
following times: 

ANGLIA 

II JO am The Fall Guy. 5336 pm Name 
That Tune. 124)0 Gloria HunnKord Tslka 
to Josn Collins. 12J0 am Worlds 
Beyond. 

BORDER 

11 JO am UFO. 12J0 pm Survival. 
1200 Gloria HunnKord Talks to Joan 
Collins. 

CENTRAL 

11 JO mi Film *' Mysterious Island.'* 
12.50 par Porky Pig. 12.00 Glads Hun- 
nHord Meats Joan Collins. 12.30 em 
Prisoner Cell Block H. 1.25 " Women 
In Love “ starring Alan Batas and 
. Oliver Rosd. 3.50 Central News, Central 
Jobflndor 87. 



Alison Leggatt and Peggy Mount in One Way 
Pendulum: C4, 1 pm 


CHAN NO. 

11 JO am Knight Rider. 12-30 pm 
Survival of the Fittest 124)0 T. J. 
Hooker. IjOO am Night Network. 44)0 
News. 


GRAMPIAN 

„ 11.30 m ALF 12.00 Knight Rider. 
5 -05 pm Name That Tune. 12.00 Gloria 
Huniford Meets Joan Collins. 12J0 am 
Redactions. 

GRANADA 

11.00 era America's Top 10. 11J0 


Saturday Matinee: *• Operation Bull- 
shins." with Donald Slndsn. 1240 Joan 
Collins. 12J0 am ”10 Rillington Place." 
starring Richard Attenborough end 
John Hurt 22S America's Top 10, 


HTY 


11 JO am Knight Rider. 12.00 A.L.P. 
12.30 ‘ pm Starring . . .- Tha Actors 
(Kirk Douglas). 11.30 Club Rugby. 

12.15 am The World Athletics Cham- 
pionships. 


SCOTTISH 

11 JO are America's Too 10. 124)0 
Highway To Heaven. 11J0 pm The 
World Athletics Championships. 124)0 
Gloria Hunniford meets Josn Collins. 
12JTO era Law Call. 


TSW 

11.27 am Gun Honaybun'a Magic 
Birthday*. 11 JO The Saturday Morning 
Film: " Never Never Land." 2.15 pm 
Fisheries News. 2J0 The Fell Guy. 
325 Welt Disney Presents. 5.10 The 
Smurfs. 5.40 Gus Honey bun's Magic 
Birthdays. 6 AS Champion Blockbusters. 
12.00 Glorie Hunniford talks to Joan 
Collins. 12J0 Ml Postscript 


TVS 

114)5 am The Roxy. 11 JO Knight 
Rider. 1Z4» T. J. Hooker. 14» am 
Night Network. 4 JO Company. 

TYNE TEES 

11 JO em Tha Little Prince. 12-00 
Sunday Sunday (Joan Collins). 
12JS ear Epilogue. 

ULSTER 

11 JO am Feature Film: You Know 
What Sailors Are.” 12.60 pm Car- 
toons. 124)0 Gloria Hunniford Talks to 
Joen Collins. 12JBS am News at Bed- 
time. 

YORKSHIRE 

11 JO am "Tbe Adventures of PInoo- 
chio." 124)0 Gloria Hunniford Talks to 
Joen Collins. 12-30 am " Deadfall." 
starring Michael Caine. £40 Jobflnder. 
Stereo on VHF 


BBC RADIO 2 

0.05 am David Jacobs. 10.00 Sounds 
of the 60s. 11.00 Album Time. LOO pm 
Ken Dodd's Palace of Laughter. 1 JO 
Sport On 2. 5 JO Sports Report 630 
That’s Sbowbualnees. 74)0 ABC Quia. 
7 Jo From Jersey With Love. 5.16 135th 
British Open Brass Band' Champion- 
ship. 10-05 Martin Kalner. 124S am 
Going Dutch. 14)0 Patrick Lunt pre- 


sents " Nlghtride." 3. 0 0-44)0 A Uttin 
Night Music. 

BBC RADIO 3 

74)5 em Morning Concert (8.00 


World Sendee News). 3.00 News. 94)6 
>.15 Stereo Release. 


Record Review. TO.' 

11-15 Edinburgh International Festival. 
1410 pm News. 1.06 Dang Thai Son. 
1 J5 interval Reading. 24M Maria Calfaa 
In Donizetti** opera " Lucia di Lam- 
mermoor.". (240 Interval Reading). 
4.06 Haydn and Dchnanyi. 54)0 Jazz 
Record Requests. 6.® Critics’ Forum. 
BJS Zelenka, Slnfonia concertante; 
record. 7.00 Proms 87. 7 JO The Book 
On the Sheivea. 8. fa Proms. 9415 21st- 
Century Bloesoms. 10.00 Proms 67. 
114)0 Debussy. 11.67-12.00 News. 

Medium Wave onty — NaiWeot Trophy 
Final. 


BBC RADIO 4 

74» am Today. 9-00 News. 9.05 
Sport 9 JO Breakaway: The Gathering 
erf tha Braamer Royal Highland Social. 
10-00 News; Loose Ends. 11.00 Haws; 
Conference Special. Peter Riddell, poli- 
tical editor or the Flnantiel Times, pte- 
**n» a personal view of the SDP Con - 
formes. 11.27 From Our Own Corres- 
pondent 12.00 News: My Hero. 1225 
pm Radio Active. 1.00 News, 1.10 Any 
Questions? 1 SB Shipping Forecast 24)0 
News: Second Edition. 3-00 News; Tha 
Afternoon Play. 4.15 Fins Arts Brass. 
430 Science Now. 5. 00-6.25 Tha Living 
World. 

SJS Defoe Special. 6 JO Shipping 
Forecast 6.00 News, Including S porta 
Round-up. 63S In the Psychiatrist's 
Chair. Dr Anthony Clare talks to the 
Blahop of London. 7.00 Saturday-WgM 
Theatre, 8.15 Take the Wheel. 8J0 
Baker's Dozen. 9 JO Thrillerl 9.60 Ten 
to Ten. 10.00 News, 10.16 The Village. 
P? people of Cutis Ca frock Cumbria 
help David Bun put together a pie- 
tore of village life. 10 JO The Word- 
smltha ol Gorsemere, 114)0 Even Looser 
Ends. 12.00 Neva. 


SUNDAY 


f indicates programmes In Mack 


BBC1 

8-55 am Play School. 9.15 Articles cl 
Faith. 9 JO This Is Tha Day. 10.00 
What On Earth ■ . . 7 — Michael Jordan 
choirs Wildlife Quiz. 1035 Only Time 
Would Tell. 10.66 Tha Wooldridge 
View. 11.® Look Stranger. "Drawn to 
tha Romany Ufa." 12.10 pm Sign 
Extra. 12JS Farming. 1.00-24)0 This 
Week Next Week. 

ZOO Easterner#. t34» Film: " l*m All 
Right Jack.” Satirical tale of corrupt 
business mu opens a new season of 
films celebrating ths work of comic 
actor Pater SeUera, 440 Cartoon. 54)5 
Tha Making of tha Grand Knockout 
Tournament. 6,60 Vanity Fair. 633 
News. 440 Songs ot Praise from tire 
London Borough of Newham. 7.15 Three 
Up. Two Down. 7.46 Howard*' Way. 
8J5-94K Bread. 

S4» The Happy Valley. Season of 
’Sunday Premiere" open* with tha 
story of a IS-yaar-old girt cauflht up 
In a degenerate expatriate world, in 
Kenya in the lMOi, starring Denholm 
Bliott. 1035 Nawa. 10.60 Heart of the 
Metier. “Once a Gelhpllc . . . 11.25 

Italian Grand Prlx. 11-55 The Sky at 
Night. 12.16 am Network East, 
ppfl 

1 JO pm Grandstand? Mater Racing; 
34)0 Athletioa, 6 JO Tha Change the 
World Party. 7.50-635 The Great 
Philosopers (Plato). 836 Do You Moan 
There are Still Real Cowboys? 930 
The Paul Daniels Magiu Show. 10 J5 
Film: *' Mf Wrong. 12.00 Inter- 
national Athletic*. 

YORKSHIRE 

636 era Breakfast TV. 9-25 Wake 
Up London. BJK Sunday at No 73. 

10.00 No 73. 1030 The Adventures of 
Black Beauty. 114» Morning Worship. 

12.00 Educating Britain. 14)0 pm Nawa 
followed by Polios 5. 1.15 Link. 130 
Care Beam. Z4XJ The Human Factor. 

" The Disappearance of Right 
412-" 44)0 Knlgbti of God. 430 The 
World Athletics championships. 5.15 
Sunday Sunday. 64)0 Tbe World Athle- 
tics Championships Including 440 News 
from ITN. 7.15 Chi Id’s Play. 7 AO Sins. 


945 News. 10.00 A Wreath of Roasa. 
11 JO Nows followed by The World 
Athletics Championships. 1230 un 
Mary- 1>00 Night Network. 

CHANNEL 4 

935 am Ret Gays. 104M Equinox: 
Hole in the Sky. 114)0 The Waltons. 
12.09 Network 7. 24M pm Chips* 
Comic. 230 James Galway and Kyung 


Whs Chung ^ Play Bach. 3.05 The All 


Ireland Hurting Final. 64)5 World el 
Animation. 6-15 News Summary fal- 
lowed by Ths Business Exchange. 64)0 
Uttie Girl Goes to School. 630 Cele- 
brity Candid Camera from Japan (with 
English eubiltiea). 7.15 Bettis for the 
Planet, t.15 We're Not Mad . . . We’re 
Angry. 9.15 Mel I’m Afraid ol Virginia 
Woo if-— The first in a season of six 
TV plays by Brttlah playwright Alan 

Bennett. fWJO " Criu Cross." star- 
ring Bun Lancaster. 


S4C WALES 


104)0 era No Easy Walk. 11.00 The 
Waltons. 124)0 Network 7. 24)0 PM 
Eaufnox: Holt in the 8ky. 9,05 Hurling. 

5.15 Business Exchange. 400 Feature 
Rim: ” The Bank Olek." 7-» 
Newyddion. 730 Caryl. 8.00 Darilthoedd 
Y Penan. 030 Cedw’r Oad. 9.00 Yng 
Nghysgod Y Cryman. 9.50 The Engage- 
ment. fHL40 Feature Film.- "Ivy." 

IBA legions ea London except at the 
faiiowinq times: 

ANGUA 

93S am No. 73 followed by Cartoon 
Time. 9.35 He-Man end the Masters el 
the Universe. 1.00 pm Link. 1.15 Ice 
1 JO Farming Diary. 

BORDER 

935 am Certoon. 935 Ha-Man and 
the Msatsra of tha Universe. 1.00 pm 
Farming Outlook. 1J6 Cartoon Tima. 
1.® Unk. 


CENTRAL 

935 am Cartoon. 9J5 He-Man end 
th* Mastars of the Universe. I.tio pm 
Central Post. 1 JO Haro And Now. 
1230 am Prisoner Ctel Block H, 13S 
Donahue. 230 Tbe Movie Makers: 
Masters of Honor. 406 Central Newa 
followed by Jobflnder '87. 



Holly Aird and Denholm Elliott in The Happy Valley: 
BBC l f 9.05 pm 


CHANNEL 

936 am Starting Point 9 30 Fslix 
the Cat. 8.38 He-Man and the Masters 
Of the Universe. 1.00 pm Lea Frencala 
Chex-voue. 130 Swuggiu Beneath the 
See. ... 

GRAMPIAN 

9.25 am Cartoon. 935 He-Men and 
the Masters Of th# Universe. 114M 
Hones for Courses. 11.30 Inquteldon. 

1.00 pm Farming Outlook. 130 Space- 
watch. 1.® Link. 230 Knights of God. 

9.00 Scots port 12J0 am Reflections. 


GRANADA 

9.25 am Cartoon. 935 He-Man and 
Uis Masters ol ths Universe. 14M pm 
Members Only. 1.® This ta Your Right 


136 Aap Kao Hak. 130 Unk. 230 Sun- 
day Matlnta: " Paratrooper." starring 
Alan Ladd. 

HIV 

936 am Cartoon. 93S Hs-Men end 
ths Masters of the Universe. 1.05 pm 
West Country Farming. 

SCOTTISH „ „ 

935 are Sunday Mowing at No 73. 
BJS He-Man And The Most* re Of The 
Universe. 11.00 Adventurer. 1130 
Forming Outfoo*- 14» pm Ceited/an 
Documentary. 130 The Smurfs. 2.00 
The Gods Of War. 230 Esay Street 
24)0 Scots port- 1230 am Late CelL 
TSW 

935 am Look And Bee. 935 He-Men 


And The Matters Of The Unbares. 

1.00 pm flu South West Week. 130 
Faming News. 1230 em Postscript 

Postbag. 

TVS 

S.2S em Sunday At No 73. 935 
He-Man And The Masters Of The 
Universe. 1.15 pm Action ( 1 JO 

Struggle Beneath The Sea: The Cutue- 
fish. 

TYNE TEES 

935 am Haifa Sunday. 935 He-Man 
And The Masters Of The Universe. 
1-00 pm Farming Outlook. 1 JO The 
Smurfs.. 3,60 Cartoon. 5.15 Northern 
Life Sunday Edition. 230 am Epilogue. 

ULSTER 

935 am Cartoon Time. 935 He-Man 
And The Masters Of The Universe. 

1.00 pm Carton Tints. 139 Personal 
View. 12.25 am Sports Results. 1230 
News At Bedtime. 


YORKSHIRE 

335 an Cartoon Time. 93B He-Man 
And The Ms stem Of The Universe. 
14» pm Ths Smurfs. 130 Farming 
Diary. 330 Cartoon Time. 1230 am 
FJv* Minutes. 1235 Jobflnder. 


(Stereo on VHF) 

BBC RADIO 1 

.730 am Roger Royfo soya "Good 
Morning Sunday." 9.® Malodiea For 
You. Introduced by John La wren son. 
11410 Ken Bruce and Judith Chalmers 
Invite you to "A Groat Working of 
Steam Engines." 1.00 pm PS ... it’s 
Pater Skeilam. 2.00 Stuart Hall's 
Sunday Sport. 8.35 Charlie Chester 
with your Sunday Soapbox. 735 Ivor. 
630 Sunday HaH-Kour tram All Soule* 
Church, Lenghara Place, London. 94M 
Your Hundred Best Tunes. 104)5 Songs 
From The Shows. 1035 Angela Hewitt 
at the piano. 114)0 Sounds of Jazz. 

1.00 m» Patrick Lunt presents " Night- 
ride." 3.00-4 4M A Unla Night Music. 
BBC RADIO 3 

74» Newa. 74® Mendelssohn. 
84» world service nbws. 8.10 Dennis 
Brain. 8.00 News. 94® Your Coneert 


Choice— Berwsid (Plano Concerto in 

— ikov 


D), Rhn sky -Korsakov (Song of the 
Indian Gusst— mono). Asaflw (The 
Fountain of Bakchlaerai). Mozart (pUno 


Sonets In B flat, K333— mono), Sifirt- 


|®w» J S -.£ ,1 E h '^?!. No Prtrni 


Talk. 11.15 Endellion String Quartet— 
Purcell, Mbzan end Britten. 1230 pm 
Three Choirs Fealvai. 230 Shura Cher- 
kassy piano reotrai. 4 JO The English 
Concert directed by Trevor Ptnnock. 
630 The Two Thaws— Jufien G refly 
■ooks at currant Sovtet liberalisation In 
the light of the similar but temporary 
under kh reach aw in ths *601. 

J - " S°n9» Schumann and Brahma. 
7.10 Sieving Our Beliefs. 739 Prom*: 
City ol Birmingham SA conducted by 
Simon Rattle. Part 1: Takemllsu (A 
flock descends Into the pentagonal 
garden), Mozart (Piano Concerto No 
Za. with Emanuel Ax). 930 Super- 
band? &40 Proma 57— Part Z Mahler 
(Symphony No 1). 930 After a Night 
Out with the Biscuitman. 10,10 Japa- 
nese Koto Music Old and New, 1135 
Eastern European Flute Music. 1137- 

12,00 News, 


& 

r- 


l" 


Harry Colt and opened in 1922, 
at last squeezes in in 05th place 
— Sunningdale - Old appears - at 
39 — so that the Britfafc dob 
cl aims a singular distinction in 
being the only one with two 
courses .in the panels top 10. 





The rwnarxxWe Boss gets yet 
another deserved accolade with 
the elevation of PtayiogfteH. 
New Jersey, to 90th place. This 
was the venue of thi* year’s US 
Women’s Open won . by 
England’s Laura Davies, and 
drew strong support from the 
entire field. Ross, who moved 
from his native Dornoch to 
Pinehurst, . North /Carolina, 
early in tbe century, managed 
to design or- rebuild over 500 
courses in America. It. is a 
measure of their quality that 
Ross has nine courses in the 
current top 100 . . 






.... ^ ,Y” 










Cl--* 




lilies 


**SV! 


=r* »- 


t : :v 






" :i c 




BBC RADIO 4 

v j?''! Now ^.*■ T.10 Bundey Paper*. 
tiS Sf l L£ our ,/ m, F- 7M Sunday. MO 
nwi l * H O0d C * UM - 9-00 Nawe. 

Morning Service from 
■««« Church, Pinarthr S 
£!'“• IMS The Arch ora. 11.1G Now* 
| Vi? Wask. 12.19pm 

Ef*** W»*d Discs f Kitty Godina). 
SJL2Jy*S- 7AB TbeWorid Thf* 
Sh'PPfofl Forecast. 2.00 
uBFdeneni Question Time. 230 The 
Afternoon Pjay: Haas (S). SJ0-*4» 
The Voles of tha Poet-Oama Edith 

famZri J 0 ? I**” *60, 1* rwnam- 

“K, “faugh letters and recordings. 
. followed by. £ntarprUa. 

crai IE? Natural History Programme. 

Iff Down ySS W?y. W» 

■gywa FdiiBaw. 6.00 News.. 

Wewifag Thm, Derating. 530 
{."““eDjnf* Assignment. 7M V* 
SL. M S5 Ib Cristo. AM A Good 
The Cross and tha Cres- 

8 j 00 Nawa: LaxiOon of.UUflhw- 

A . Splendid Discipline— Diane 
aneiley traces the davsiopmenr of 
cfaema mualq. 1CLQ0 News. 10.16 Die- 

BrnnUM.. 11-00 Before A* 
?! ,9. “fl 11.15 John- Morgan. 
. W “ r - 1130 RSC in Repertoire* 
Romeo and JulW- 


ft* 





#